The price of Bitcoin edges higher, taking out the immediate upside obstacles. It was traded at 44,404 at the time of writing and it seemed unstoppable. Still, after its strong rally, we cannot exclude a minor retreat. Bitcoin is located in the buyer's territory and it seems that the major downside movement ended.
BTC/USD registered a 22.78% growth from the previous week's low of 36,264.55 to 44,524.18 today's high. In the last 24 hours, the crypto was up by 6.22%. BTC/USD's growth helped the altcoins to grow as well in the short term.
BTC/USD resistance levels continue to be breached
BTC/USD resumed its rally after passing above the Descending Pitchfork's upper median line (uml). Now, it has managed to jump above the 150% Fibonacci line and above the up channel's resistance indicating potential upside continuation and that the sell-off ended.
As long as it stays above the 150% Fibonacci line and above the 41,967 level, BTC/USD could be attracted by the first warning line. Taking out this dynamic resistance may announce an upside reversal.
Bitcoin prediction
After ignoring the immediate upside obstacles, BTC/USD could approach and reach new highs despite temporary declines. Actually, minor retreats could help the buyers to catch new long opportunities.
A minor sideways movement above the 43,000 psychological level, consolidating above the broken upside obstacles could bring new buying signals.
