FX.co ★ Bitcoin Upside Continuation To Be Confirmed!

The price of Bitcoin rallied in the second part of the day. It has climbed as much as 41,900. Now, it's trading at 41,722 at the time of writing and is fighting hard to take out the resistance represented by the 41,693.

BTC/USD increased by 4.57% from 40,068 today's low to 41,900 today's high. Technically, the price of bitcoin signaled that the downside seems over and that the buyers could push it higher again.

BTC/USD Breakout Attempt!

As you can see on the h4 chart, the BTC/USD escaped from the symmetrical triangle and now it seems determined to resume its growth. 41,693 former high stands as an upside obstacle.

A valid breakout above this static resistance could activate further growth. Technically, the upside pressure is high after failing to retest the 40,000 psychological level.

BTC/USD Prediction!

Confirming its breakout above 41,693 could activate a potential further growth towards the weekly R2 (44,604). In my opinion, only failing to stay above the weekly R1 of 41,198 could invalidate an upside continuation.