FX.co ★ Bitcoin: upside continuation pattern

Bitcoin continues to move sideways in the short term and it seems undecided. Technically, after its amazing growth, a retreat or an accumulation was natural. It's located at 30,488 at the time of writing.

In the last 24 hours, BTC/USD is up by 0.53% but the crypto is down by 1.89% in the last 7 days. The token is expected to extend its growth.

BTC/USD Accumulation!

As you can see on the H4 chart, the rate is trapped between 31,458 and 29,600 levels. Escaping from this pattern should bring us a clear direction in the short term.

Its failure to make a new lower low signaled strong upside pressure. Registering new false breakdowns below 29,600 should announce a new bullish momentum.

BTC/USD Outlook!

A bullish closure above 31,458 activates further growth and is seen as a new long opportunity.