FX.co ★ Bitcoin: upside continuation pattern

Bitcoin continues to move sideways in the short term. Still, the upside pressure remains high despite temporary retreats or sideways movements. The bias is bullish, so further growth is natural. BTC/USD is trading at 28,936 at the time of writing.

BTC/USD is up by 0.51% in the last 24 hours and by 1.87% in the last 7 days. After its strong growth, a temporary retreat was natural. Still, further growth is natural. Technically, the current sideways movement is seen as a bullish pattern.

BTC/USD Strong Upside Pressure!

BTC/USD is trapped between 28,936 and 26,700 levels. As you can see on the H4 chart, the cryptocurrency registered false breakouts in both directions from this range. So, we'll have to wait for a valid breakout before taking action.

In the short term, Bitcoin could continue to move sideways. Testing and retesting the 26,700 level may announce a new bullish momentum.

BTC/USD Forecast!

Bitcoin should extend its growth after making a valid breakout through the 28,936 static resistance.