The price of Bitcoin is traded at $36,885 level and it seems stronger enough to resume the major uptrend. As you already know, BTC/USD was into a temporary corrective phase, decline, but this is over now and the bulls could lead the rate towards fresh historical highs.
Technically, the price is expected to continue to increase after its latest developments. The price action has printed a Double Bottom pattern adding bullish pressure and attracting more buyers.
BTC/USD Strongly Bullish!
BTC/USD's failure to reach the S1 ($28,050) and the lower median line (LML) shows that the corrective phase has ended and that the bulls will take full control again. The current H4 bullish candle could represent a first bullish signal if it closes above the median line (ML) and over the black uptrend line.
Consolidation above the median line (ML) of the sideways' pitchfork could indicate that BTC/USD is ready to pass above the $41,986 all-time high. I believe that only a false breakout with huge separation above the median line and through the black uptrend line or a major bearish engulfing could invalidate a bullish scenario.
Trading Bitcoin!
Closing again above the $38,000 psychological level could lead to a strong increase in the upcoming period. A significant growth way above $41,986 all-time high will be validated by a valid breakout through the upper median line (UML) and S2 ($42,078) resistance levels.
