FX.co ★ Bitcoin: upside continuation in play

The price of Bitcoin rallied in the last trading session reaching the 38,421 level. Now, it has retreated a little and is located at 38,130 at the time of writing. The bias is bullish despite temporary retreats. The current rally helped the altcoins to jump higher as well.

The cryptocurrency is up by 3.13% in the last 24 hours and by 4.73% in the last 7 days. An upside continuation helps the crypto market to grow.

BTC/USD Deeper Drop Invalidated!

Technically, Bitcoin failed to stabilize below 36,892, invalidating a deeper drop. The flag pattern was activated, signaling further growth.

Now, it has jumped above the 38,028 key upside obstacle. Yesterday's high of 38,421 stands as the new upside obstacle.

Bitcoin Forecast!

A bullish closure above 38,421 activates further growth. This is seen as a buying opportunity.