Bitcoin plunged in the last hours after failing to stay near 58,367 new all-time high. Reaching 58,000 made some investors and traders mark the profit and step out. So, that is the reason why BTC/USD dropped in the short term.
The current retreat could be only another temporary correction before the price resumes its major uptrend. Technically and fundamentally, Bitcoin remains bullish despite any short-term correction.
It Is trading lower at $54,495 but the uptrend is still safe as the price is located far above the uptrend line.
BTC/USD Shows Exhausted Buyers!
BTC/USD increased as expected till yesterday when the sellers have started to send the price lower. It seems that we have a strong resistance above the second warning line (WL2) and around 58,000 psychological level.
The rate has come back to retest the Pivot Point (53,891). For now, it has registered only a false breakdown with great separation. Technically, the upside bias remains intact as long as BTC/USD is trading above the black uptrend line.
The current retreat could help the traders and investors to buy bitcoin again. A false breakdown with great separation below the immediate downside obstacles (P, S1, Uptrend line) could bring a bullish momentum sooner than you think.
Bitcoin Tips & Forecast!
You could search for long opportunities as long as BTC/USD stays above the $50,000 psychological level. The price could come to pressure, retest, this critical downside obstacle, and the black uptrend line.
Failing to drop below the Pivot Point (53,891) could signal that bitcoin will edge higher soon. Also, jumping and stabilizing above the WL2 and beyond the 58,000 represents a bullish signal.
