FX.co ★ BTC/USD 21,473 at major resistance

The price of Bitcoin resumed its growth and now is trading at 21,230 at the time of writing. Technically, it has reached a resistance zone, but a sell-off is far from being confirmed. The bias is bullish, so further growth is favored despite temporary retreats.

In the last 24 hours, BTC/USD is up by 2.13% and by 23.27% in the last 7 days. Bitcoin's rally helped the altcoins to jump higher as well.

BTC/USD Minor Rising Wedge?

BTC/USD ignored the ascending pitchfork's median line (ml) and now was almost to reach the 21,473 key resistance. It has changed little in the last few days, the price tries to accumulate more bullish energy.

The price action developed a potentially bearish pattern, a Rising Wedge. Still, only a valid breakdown below the minor uptrend line and through 20,634 could signal a temporary downside movement.

BTC/USD Forecast!

Taking out 21,473, a valid breakout through this obstacle may signal further growth towards the upper median line (uml) and up to the R1 (22,3850). This invalidates a downside movement.