Bitcoin: attention at resistance

Trading News

Bitcoin rallied in the short term and now is trading at 20,859. It has climbed as much as 21,017 today where it has found temporary resistance. BTC/USD increased by 6.42% from yesterday's low of 19,750 to today's high.

In the last 24 hours, BTC/USD is up by 3.55% and by 8.95% in the last 7 days. The current rally boosted the altcoins as well. Now, the token has reached strong resistance levels, it remains to see how it will react.

BTC/USD Challenges Upside Obstacles!


BTC/USD reached the median line (ml), 20,870 former high, and the weekly R1 (21,009). These represent upside obstacles, so only a valid breakout may signal an upside continuation.

Technically, we have a strong supply zone around these upside obstacles. False breakouts or a strong bearish pattern could announce a new sell-off. Still, in the short term, its failure to stay under 19,666 signaled strong upside pressure.

BTC/USD Forecast!

A valid breakout above the median line (ml) and through the R1 (21,009) could confirm further growth and could help the buyers to catch a larger swing higher.

Trading analysis offered by RobotFX and Flex EA.