FX.co ★ Bitcoin heading for new highs as expected

The price of Bitcoin rallied after dropping as much as 28,003 in the last week. Now, it is trading at 30,580 at the time of writing. BTC/USD increased as much as 10.36% from last week's low of 28,003 to 30,903 today's high.

The current rally helped the altcoins to grow as well. Still, a larger growth needs strong confirmation. In the last 24 hours, BTC/USD is up by 4.46% and by 0.48% in the last 7 days.

BTC/USD Above 30,000 Psychological Level!

You knew from my analyses that BTC/USD could jump higher as long as it stays above the 28,800 - 28,561 area. I've told you that the false breakdown with great separation signaled exhausted sellers and a potential bullish momentum.

Now, it stands above 30,261 broken resistance and below the immediate upside obstacle represented by 30,960. Escaping from the current extended range could bring new trading opportunities.

BTC/USD Outlook!

Making a valid breakout above 30,960 could activate further growth towards the median line (ML). This scenario could bring new buying opportunities.