FX.co ★ Bitcoin: upside continuation possible

The price of Bitcoin is located at 28,561 at the time of writing and it seems determined to extend its growth. As you already know, the crypto retreated after yesterday's rally. It has climbed as much as 29,900 where it has found strong resistance.

BTC/USD is up by 1.63% in the last 24 hours and by 4.17% in the last 7 days. An upside continuation should help the altcoins to jump higher as well.

BTC/USD Imminent Breakout!

As you can see on the H1 chart, BTC/USD stands right below the median line (ml) and under the weekly R2 (28,697) upside obstacles.

Escaping from the down channel pattern signaled more gains again. Staying near the immediate resistance levels may announce an imminent breakout and continuation.

BTC/USD Outlook!

Despite yesterday's false breakouts through the median line (ml) and above the R2 (28,697), jumping and closing above these immediate upside obstacles could confirm further growth. This scenario brings new longs.