The price of Bitcoin rallied in the short term and now it stands below strong dynamic resistance. It's traded at 40,394 at the time of writing far above yesterday's low of 38,202. BTC/USD increased by 6.80% from yesterday's low to 40,800 today's high.
After its aggressive rally, we cannot exclude a temporary drop. Larger growth needs strong confirmation. In the short term, it moves somehow sideways. In the last 24 hours, BTC/USD is up by 3.78% but it's down by 1.69% in the last 7 days.
BTC/USD Downside Seems Limited!
BTC/USD found support on the descending pitchfork's median line (ML) and now is traded around the weekly pivot point of 40,331. As you can see on the H4 chart, the crypto failed to reach and retest the inside sliding line (SL) which represents a dynamic resistance.
Making a valid breakout above this level may signal potential further growth. The median line (ML) and 38,547 low represent strong downside obstacles. False breakouts above the sliding line (SL) or its failure to reach this dynamic resistance may signal a new sell-off.
BTC/USD Outlook!
Jumping and closing above 40,800 today's high and above the sliding line (SL) could confirm an upside continuation and could bring new buying opportunities.
