FX.co ★ Bitcoin rallies as expected, 25,212 as next target

The price of Bitcoin extended its growth and now is trading at 24,437. You knew from my analyses that BTC/USD could jump higher after escaping from the flag pattern. Still, after its amazing rally, the rate could retreat a little to test and retest the near term support levels before extending its growth.

Bitcoin increased by 16.46% from Monday's low of 21,376 to 24,895 today's high. In the last 24 hours, BTC/USD is up by 7.66% and by 7.26% in the last 7 days.

BTC/USD Strong Buyers!

Technically, BTC/USD accelerated its growth after escaping from the down channel and forming a bullish pattern. Now it has ignored 23,954 and the R2 (24,212) upside obstacles. The crypto was almost to reach the R3 (24,985) which is seen as the next upside target and obstacle.

The rate could come back to test and retest the R2 and the 23,954 broken levels before resuming its growth.

BTC/USD Outlook!

Testing and retesting the support levels may announce a new bullish momentum. Also, jumping and closing above 25,212 activates further growth.