Bitcoin (BTC/USD) moves sideways in the short term and it seems determined to get back higher after aggressive correction. As you already know, BTC/USD dropped from $41,986 all-time high to $30,100 in three days producing a big shock among traders and investors.
Technically, a temporary drop, retreat, was expected after the last upwards momentum, maybe not so deep but it was a natural one. The outlook is still bullish despite the sharp drop, BTC/USD could approach the all-time high again in the upcoming period.
BTC/USD Temporary Correction!
BTC/USD declined but it has failed to reach the S1 ($29,903) or the black uptrend line signaling exhausted sellers and strong buyers. The price has rebounded, climbing as much as the $36,604 level where it has found strong resistance.
The price of Bitcoin has slipped below the median line (ML) again after the false breakout above the Pivot Point ($35,954) level. Now, it has rallied again and is pressuring the median line (ML).
Personally, I believe that jumping and closing again above the $36,000 psychological level signals further growth towards the upper median line (UML), approaching the $41,986 historical high.
The price could drop deeper only if it stabilizes under the median line (ML). This scenario could send the rate towards the black uptrend line.
Forecast & Trading Tips!
A bullish closure above the $36,604 yesterday's high suggests buying as BTC/USD will be expected to approach the $41,986 all-time high or to hit fresh new records. The bullish bias will remain intact as long as the price stays above the uptrend line.
