- Find out why Bitcoin is more a buy than a sell?
The price of Bitcoin is trading at 37,588 level, right below the 38,000 psychological level which stands as important static resistance. The bulls have taken the lead again pushing the rate higher after the most recent temporary drop.
BTC/USD has escaped from a short-term down channel signaling further growth. Actually, the continuation pattern indicates that the price could pass above the 41,986 all-time high.
BTC/USD In The Buyers Territory!
Coming back above the median line (ML) brings more bullish energy and attracts many more buyers hoping that Bitcoin will advance towards new historical highs. BTC/USD has escaped from the minor descending channel confirming that the corrective phase is over.
The R1 (38,141) represents strong static resistance, upside obstacle. So, jumping and closing above it and registering a new higher high is seen as a bullish signal. A valid breakout through this level indicates significant upwards movement ahead.
The upper median line (UML) could attract the price soon after its failure to stay under the median line (ML). A larger growth far above 41,986 historical high will be indicated by a breakout above the UML and through the R2 (43,172).
Bitcoin Trading Tips!
Jumping and closing above 38,876 yesterday’s high represents a long opportunity, signal, with an immediate target at 41,986 high. Passing above it suggests a larger growth ahead in the short to the medium term.
The material has been provided by InstaForex Company – www.instaforex.com
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