Bitcoin continues to move sideways in the short term. It was traded at 30,017 at the time of writing. You knew from my analyses that BTC/USD could still grow as long as it stays above the 28,800 and above the descending pitchfork's lower median line (LML).
BTC/USD increased by 6.60% from yesterday's low of 28,615 to 30,505 today's high. The bias remains bearish, so it's premature to talk about a larger growth. Bitcoin's current growth helped the altcoins to grow as well.
BTC/USD Consolidation!
Bitcoin registered a false breakdown below the 28,800 and through the lower median line (LML) signaling that the buyers are still in the game. Now, it challenges the 30,261 and the weekly pivot point of 30,306. 30,960 is seen as a static resistance as well.
The current sideways movement could represent a consolidation ahead of an upside continuation. Only a new lower low could invalidate the upside scenario.
BTC/USD Outlook!
Bitcoin could climb towards new highs if it jumps and closes above the 30,960 static resistance. This scenario could bring new long opportunities with a major upside target at the median line (ML).
