FX.co ★ Bitcoin: upside scenario still valid

Bitcoin climbed as much as 23,815 yesterday where it has found resistance. Now, it's trading at 23,003 and is fighting hard to resume its growth. The bias remains bullish in the short term, so further growth is favored.

In the last 7 days, BTC/USD is up by 10.26% and by 1.69% in the last 24 hours. Further growth should help the altcoins to jump higher as well. Still, the price action signaled exhausted buyers, that's why the rate tries to accumulate more bullish energy before extending its growth.

BTC/USD Uptrend Unharmed!

BTC/USD escaped from the triangle pattern but it continues to stay below the 23,167 static resistance. It has registered only false breakouts but the bias remains bullish as long as it stays above the uptrend line.

Technically, it moves sideways in the short term. This could represent a bullish pattern. Consolidation, the crypto should attract more buyers.

BTC/USD Forecast!

A valid breakout through 23,167 may announce further growth. This is seen as a buying opportunity.