FX.co ★ Bitcoin finds temporary resistance

Bitcoin climbed as much as 31,268 today, registering a new high. Now, it has retreated a little and is trading at 30,680. In the short term, it moves sideways, trying to accumulate more bullish energy before jumping higher. It has increased by 4.69% from Wednesday's low of 29,868 to 31,268 today's high.

Bitcoin is up by 1.16% in the last 24 hours and by 2.65% in the last 7 days. Further growth should drag the altcoins higher as well.

BTC/USD False Breakout!

As you can see on the H1 chart, the cryptocurrency escaped from the flag pattern indicating an upwards movement. You knew from my previous analysis that BTC/USD is bullish as long as it stays above the uptrend line.

BTC/USD failed to take out 31,025, so the crypto could come back to test and retest the near-term support levels again.

BTC/USD Forecast!

A valid breakout above 31,025 activates further growth and is seen as a buying signal.