Bitcoin slipped lower after finding temporary resistance at 44,785. In the short term, BTC/USD could come back down trying to accumulate more bullish energy before jumping higher. Personally, I would like to see a strong consolidation before starting to grow again.
BTC/USD dropped by 3.29% from yesterday's high of 44,785 to 43,312 today's low. Technically, this could be only a temporary retreat. Bitcoin is down by 0.68% in the last 24 hours and by 1.24% in the last 7 days.
BTC/USD Still Bullish!
BTC/USD short-term rally was stopped by the first warning line (wl1) and by the weekly R1 (44,736). 41,967 level stands as a strong downside obstacle. From the technical point of view, as long as it stays above this level and above the uptrend line
Making a valid breakout above the warning line (wl1) could signal that the BTC/USD could extend its growth.
BTC/USD Outlook!
A valid breakout above the weekly R1 (44,736.57) could activate an upside continuation. Jumping and stabilizing above the 45,000 psychological level could bring fresh long opportunities.
