FX.co ★ Bitcoin downside seems over, new bullish momentum

Bitcoin rallied in the last hours and now is trading at 40,778 at the time of writing. BTC/USD registered a 6.37% growth from today's low of 38,547 to 41,004 daily high. Technically, the downside seems over, the bulls could take full control.

You knew from my previous analysis that Bitcoin's correction could be over as the rate is located above strong downside obstacles. In the last 24 hours, BTC/USD is up by 1.44% and by only 0.40% in the last 7 days. BTC/USD's growth should help the altcoins to grow as well.

BTC/USD Strong Upside Pressure!

BTC/USD edged higher after failing to stabilize below the descending pitchfork's median line (ML) which stands as a dynamic support. After escaping from the down channel pattern, the price of Bitcoin was somehow expected to turn to the upside.

In the short term, BTC/USD could move somehow sideways before really developing a new leg higher. Technically, the downside pressure remains high, so we cannot exclude a minor drop.

Bitcoin Outlook!

BTC/USD rebounded but it's premature to talk about a larger growth. Strong consolidation could signal that the downside movement ended and that the price could develop a new swing higher.

A valid breakout above the weekly R1 (41,665) and above the inside sliding line (SL) may signal an upside continuation.