FX.co ★ Bitcoin reaches new highs as expected

BTC/USD climbed as much as 18,150 today registering a new high. The bias is bullish, so further growth is natural. The cryptocurrency is strongly bullish after the US reported lower inflation. As you already know, the USD depreciated.

Fundamentally, the FOMC could have a big impact today. Bitcoin increased by 7.52% from Monday's low of 16,881 to 18,150 today's high. DXY's sell-off after the FOMC could boost the BTC/USD.

BTC/USD Challenges A Confluence Area!

Technically, BTC/USD is challenging the median line (ml), R3 (18,112), and the 18,150 static resistance. We have a confluence area at the intersection between these upside obstacles.

Being at resistance, false breakouts could announce that the upside movement ended and that the sellers could rag it lower. Still, the upside pressure is high, so an upside continuation is favored.

BTC/USD Forecast!

A valid breakout through 18,150 and above the median line (ml) activates further growth and brings new longs.