Bitcoin is trading in the red at 48,814 at the time of writing. Still, the bias is bullish in the short term, despite a minor retreat. It could only test and retest the immediate support levels before jumping higher.
In the last two days, BTC/USD registered an 8.84% growth. Technically, it has escaped from an upside reversal, but we still need confirmation before considering going long. In the last 24 hours, Bitcoin is down by 0.82%, while in the last 7 days, the crypto is up by 1.23%.
BTC/USD Bullish Pattern!
BTC/USD has finally managed to jump and close above the downtrend line, above the channel's resistance. The price slipped lower after finding resistance at the weekly R1 of 49,448.93.
The price is expected to retest the broken downtrend line. Staying above it and making a new higher high, a valid breakout above the R1 could announce an upside continuation. Don't forget that the 50,000 psychological level stands as a static reistance.
BTC/USD Forecast!
Jumping, closing, and stabilizing above 49,600 today's high could really signal further growth. The descending pitchfork's upper median line (uml) represents a dynamic resistance, is seen as a target.
