FX.co ★ Bitcoin challening key resistance

The price of Bitcoin climbed as much as 27,297 yesterday where it has found resistance again. The last rally helped the altcoins to jump higher as well. Now, it has reached a major resistance, so an upside continuation needs confirmation.

The crypto increased by 5.08% during the week, from 25,977 Monday's low to yesterday's high of 27,297. It has increased by 2.17% in the last 24 hours and by 1.34% in the last 7 days.

BTC/USD Downtrend Line!

BTC/USD jumped higher after escaping from the flag pattern. Now, it continues to challenge the downtrend line and the weekly R1 (27,107).

After its amazing rally, we cannot exclude temporary retreats as the rate may need more bullish energy before jumping higher.

BTC/USD Outlook!

A new higher high, jumping and closing above the former high of 27,297 activates further growth. This is seen as a long signal.