FX.co ★ Bitcoin to reach new highs, but bulls need to be cautious

Bullish trend remains valid in BTC/USD. As we mentioned timely with the formation of the inverted head and shoulders pattern, Bitcoin had to break above $51,700 to give a new bullish signal. Price has broken resistance and our view remains the same as when Bitcoin was trading at $49,000. Target is at $60k and a bit higher.

Bitcoin is in a trajectory to make new all time highs above $60k and more precisely around $61,500 which the first target or even $64,500-$65,500 range. The RSI will most probably provide a lower high and thus a bearish divergence. If this happens we will have an important warning for bulls that must not be ignored. Major trend support is at $46,160 and as long as price is above this level trend is bullish. Breaking below this level will open the way for a pull back towards $41,000-$38,000. Until then we remain bullish looking for a move above $60k.