FX.co ★ Bitcoin accumulates more bullish energy

BTC/USD continues to move sideways in the short term and it seems undecided. It's located at 34,107 at the time of writing. After its strong swing higher, a temporary retreat is natural. Technically, Bitcoin tries to attract more buyers before resuming its growth.

The last rally helped the altcoins to jump higher as well. In the last 24 hours, BTC/USD is down by 0.16% but it's still up by 1.08% in the last 7 days.

BTC/USD Range Formation!

As you can see on the H4 chart, the rate is trapped between 35,198 and 33,258 levels. The bias remains bullish as long as it stays above the median line (ml).

The current range is seen as a potential bullish continuation formation. Staying near the 35,198 range's resistance signals an imminent breakout and continuation.

BTC/USD Forecast!

False breakdowns below the median line (ml) may bring a new long opportunity. Also, jumping and closing above 35,198 activates further growth.