The price of Bitcoin rallied in the early morning and now it seems determined to develop a strong leg higher. It remains to see what will really happen as the price is located right below strong upside obstacles. It's traded at 48,613.54 at the time of writing, far above 45,572.94 yesterday's low.
BTC/USD increased by 7.15% since yesterday's low to 48,831.57 today's high. The price action developed a potential bullish reversal pattern. Still, we'll have to wait for strong confirmation before taking action.
BTC/USD Breakout Attempt!
As you can see on the H4 chart, the price of Bitcoin failed to stabilize under the 46,201.01 static support. Now, it challenges the immediate downtrend line, the down channel's resistance.
Making a valid breakout above it ma signal potential further growth. The R1 (49,472.43) and the 50,000 psychological level are seen as upside obstacles as well. Personally, I believe that a valid breakout above the weekly R1 may activate an upside continuaiton at lest towards the descending pitchfork's upper median line (uml).
BTC/USD Prediction!
Its failure to stabilize below the 46,201.01 and under the median line (ml) signaled that the sellers are exhausted. Jumping, closing, and stabilizing above the weekly R1 (49,472.43) may signal that BTC/USD could resume its upwards movement. This could represent a long opportunity.
