FX.co ★ Bitcoin downside invalidated, larger growth needs confirmation

Bitcoin climbed as much as 41,683 today where it has found resistance. Now, it's trading at 40,686 at the time of writing. In the short term, it continues to move somehow sideways, that's why we have to wait for a fresh trading oportunity.

BTC/USD increased by 10.99% from Monday's low of 37,567 to today's high. In the last 24 hours, the price of Bitcoin is up by 4.22% but it's been down by 4.01% in the last 7 days. Technically, BTC/USD could extend its sideways movement before offering a clear direction.

BTC/USD Rebound!

As you can see on the H4 chart, BTC/USD failed to resume its downside movement after escaping from the triangle pattern. As you already know from my analyses, only a new lower low, a valid breakdown below 37,567 could activate a larger drop.

Right now, it challenges the ascending pitchfork's lower median line (LML) and the weekly R1 (41,194). 41,693 today's high stands as an upside obstacle.

BTC/USD Outlook!

A valid breakout above the 41,693 could activate a larger growth and could bring new long opportunities with a potential upside target and obstacle at 45,501.