Bitcoin rallied today and now it stands at $61,094 below $61,788 all-time high. The price has invalidated a corrective phase, so it could resume its major upwards movement.
The outlook is bullish, BTC/USD could approach and reach new historical highs. The rate seems determined to jump higher after failing to reach and retest the uptrend line.
BTC/USD Edges Higher!
BTC/USD has decreased a little but it has failed to retest the uptrend line signaling strong buyers in the short term. It’s traded above $60,100 static resistance and now it challenges the first warning line (WL1).
A valid breakout through WL1 could bring a breakout above $61,788 historical high as well. The price could target the R2 ($64,674) and the red upside line if it ignores the immediate obstacles.
It’s risky to buy BTC/USD as long as it stays below the warning line (WL1). That’s why we need confirmation before going long.
Jumping and closing above WL1, $61,788, and beyond the weekly R1 ($62,335) may offer us a new buying opportunity with a potential target at Falling Wedge’s upside line, resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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