FX.co ★ Bitcoin: bullish continuation pattern violated

The price of Bitcoin retreated a little after reaching 30,755 on Wednesday. After such an impressive growth, a retreat was natural, the rate could test and retest the immediate support levels before jumping higher. The bias is strongly bullish, so further growth is natural.

In the last 7 days, Bitcoin is up 17,87% and it's down by 0.20% in the last 24 hours. BTC/USD's further growth should push the altcoins higher as well.

BTC/USD Flag Formation!

As you can see on the H14 chart, the rate is fighting hard to stay above the 30,022 former high which represented an upside target and obstacle. The 29,600 yesterday's low represents a downside obstacle.

Technically, the rate developed a flag pattern, a minor channel, which represents an upside continuation formation.

BTC/USD Outlook!

BTC/USD escaped from the minor flag signaling further growth. Testing and retesting the 30,022 level, consolidating above it and making a new higher high activates further growth and is seen as a buying opportunity.