BTC/USD has climbed from 11,671 to 11,968 today aiming for its former high at 12,490 . The short term development signals further growth. Another high will signal a strong bullish run in the coming weeks.
Bitcoin's uptrend remains intact so the bulls could take full control and lead the rate to new highs as soon as possible. Considering the actual COVID-19 crisis and the global risk, bitcoin could attract more buyers. Consequently, the rate should increase.
BTC/USD stands far above the black uptrend line and beyond the 50% retracement level confirming the bullish bias. If it does not drop below the 11,100 psychological level, it is likely to add gains.
It has escaped from the minor descending pitchfork's body attaching another upside signal. BTC/USD may rise to the 12,490 level after failing to reach the median line (ml) of the minor descending pitchfork.
If it jumps above 12,490, it is recommended to open long deals with a first upside target at R2 (13,507) level.
- BTC/USD Trading Tips
Buy from above the R1 (12,587.6) level with an immediate target at the R2 (13,507) level. R3 (14,533) and the median line (ML) represents upside targets as well.
Only a drop below 11,100 and below the black uptrend line will suggest selling.
