FX.co ★ Bitcoin New Breakout Attempt!

Bitcoin (BTC/USD) is trading at 58,609 trying to stay higher after a temporary decline. The price is bullish and it could resume its major uptrend as the downside seems limited after BTC/USD failed to register a new lower low.

BTC/USD stays higher signaling that it could pass above 61,788 all-time high. Technically, the cryptocurrency printed a minor continuation pattern. An upside breakout from this formation could signal further growth towards fresh new highs.

BTC/USD Bulls In Control!

BTC/USD is located within an up channel, so the bias remains bullish as long as the price is traded above the uptrend line. The price has managed to get back above the Pivot Point (56,703) and now is pressuring the minor descending pitchfork's upper median line (uml).

It has developed a minor triangle after failing to drop below 53,221 former low and to approach the uptrend line. Breaking above the upper median line (uml) and through the triangle's resistance, making a new higher high, represents a long opportunity.

Trading Tips & Forecast!

Buy a bullish closure above 60,100 former high with a potential upside target at R1 (64,057) static resistance. The major upside target remains at the channel's upside line.