FX.co ★ Bitcoin: bullish pattern in play

Bitcoin rebounded in the short term, but the downside pressure remains strong in the short term. It's trading at 22,143 at the time of writing. BTC/USD increased by 4.40% from yesterday's low of 21,376 to 22,316 today's high.

In the last 24 hours, the crypto is up by 2.34% but it's down by 3.36% in the last 7 days. A new rally in Bitcoin should push the altcoins higher as well.

BTC/USD 21,473 As Key Support!

Technically, the cryptocurrency developed a down channel pattern. This flag could announce a new leg higher. Still, it's premature to talk about an upwards movement as long as the rate stands below the downtrend line.

As you can see, the rate tested and retested the 21,473 downside obstacle. It has registered only false breakdowns signaling exhausted sellers in the short term.

BTC/USD Outlook!

A valid breakout through the downtrend line and above 22,314 activates an upside continuation and brings new long opportunities.