Bitcoin trades at 58,238 level and is fighting hard to stabilize above the immediate support levels. The price has decreased a little but the downside seems limited after the price's failure to stabilize below 57,000.
The outlook is bullish, so BTC/USD could try once again to approach the 61,680 historical high. Technically, the price action could develop a major Rising Wedge pattern. Still, the rate could jump higher in the short term.
BTC/USD Struggling To Stay Higher!
BTC/USD has come back above the pivot point (57,715) level and now it could approach 60,100 again. It's traded above the 150% Fibonacci line signaling that it could continue to increase.
The price could resume its growth after failing to approach and reach the red uptrend line again. It is trapped between 60,100 and 56,873 levels. An upside breakout from this narrow range may bring a new bullish opportunity.
Bitcoin Forecast!
Buy from above 59,475 today high with an immediate target at the R1 (60,537). Also, a decline followed by a false breakdown with great separation through the pivot point (57,728) could bring a new long signal.
We may have a good buying entry if the price jumps, closes, and stabilizes above the R1 (60,537).
Selling will be suggested if BTC/USD drops and closes below 56,478. The major support stands at the red uptrend line.
