FX.co ★ Bitcoin retreat seems over

BTC/USD dropped a little in the short term, which was natural after the amazing rally. Now, it is located at 27,210 at the time of writing. Technically, the retreat could be only temporary before trying to extend the new leg higher.

Bitcoin is down by 0.24% in the last 24 hours but it's up by 3.17% in the last 7 days. A new bullish momentum should force the altcoins to jump higher as well.

BTC/USD In A Buying Zone!

BTC/USD retreated after registering only a false breakout with great separation through the monthly S1 (28,109).

You knew from my previous analyses that BTC/USD could only test and retest the immediate downside obstacles before jumping higher. As you can see on the H4 chart, the rate was almost to hit the weekly S2 (26,988) which represents a downside obstacle.

26,813 represents a key downside obstacle. As long as it stays above this level, the crypto could develop a new leg higher.

BTC/USD Outlook!

Jumping and stabilizing above 27,491 is seen as a new buying opportunity.