Bitcoin appreciated as much as 39,850 today registering an approx 12% growth. Now it stands at 39,300. The bias is bullish, BTC/USD could jump higher even if it has reached a new upside obstacle.
As you already know from my previous analyses, BTC/USD was somehow expected to increase again after reaching a support zone, a demand area. The current rally helped the altcoins to increase as well.
We cannot exclude a temporary decline in the short term before resuming its upwards movement. Actually, a minor decline could help us to catch a new upside momentum, leg higher.
BTC/USD Strong Rally!
Bitcoin found temporary resistance right above the R2 (39,544,69). Now it seems determined to challenge this static resistance again. The next major upside target is seen at 43,000 psychological level which represents the range's resistance.
Also, the third warning line (wl3) of a major descending pitchfork stands as dynamic resistance, target. The aggressive breakout through 36,623.79 former high signaled further continuation.
Trading Conclusion!
Breaking above the downtrend line and jumping through the second warning line (wl2) signaled strong buyers and a significant rally. The bias is bullish, so Bitcoin could resume its growth anytime.
Jumping and closing above the R2 (39,544) is seen as a bullish signal with a potential target at 43,000.
