FX.co ★ Bitcoin in new up channel. 40,000 seen as target

Bitcoin raised in the last hours signaling that the sellers are exhausted in the short term. It's traded at 37,215.59 at the time of writing. BTC/USD's current growth could help the altcoins to grow as well a little. In the last 24 hours, BTC/USD is up by 3.17% but it's down by 3.80% in the last 7 days.

Despite the current bounce back, the price of bitcoin remains under strong bearish pressure. The rebound could be only a temporary one, the current up channel could represent a bearish pattern. BTC/USD increased by 5.70% from 35,511 yesterday's low to 37,534.15 today's high.

BTC/USD Downside Seems Limited!

BTC/USD developed a fresh up-channel, so the bias is bullish in the short term. As long as it stays above the uptrend line, it could climb towards new highs. The weekly pivot point of 37,940.21 and the 38,050 former high represent near-term resistance levels.

A valid breakout above these levels may signal potential further growth towards the 40,000 psychological level and up to the descending pitchfork's upper median line (uml).

BTC/USD Outlook!

Jumping, closing, and stabilizing above 38,050 static resistance could bring long opportunities in the short term. Staying below this level and dropping below the uptrend line may signal a potential drop towards the median line (ml) and down to 32,950.72.