The price of bitcoin extended its growth as expected and now is trading at 31,567. BTC/USD climbed as much as 32,195 in yesterday's trading session. In the short term, the price could come back to test and retest the immediate support levels before resuming its growth.
In the last 24 hours, BTC/USD is up by 3.23% and by 7.42% in the last 7 days. BTC/USD increased by 14.97% from last week's low of 28,003 to yesterday's high of 32,195.
BTC/USD Range Breakout!
As you can see on the h4 chart, Bitcoin registered a valid breakout above 30,261 and now it has jumped above 30,960 resistance. In the short term, it could come back to test and retest 30,960 before climbing towards the median line (ML).
The weekly R2 (31,984) and the 32,000 psychological level represent near-term resistance levels. Technically, the price of Bitcoin was expected to grow after registering only false breakdowns below 28,800 - 28,561 support levels.
BTC/USD Outlook!
Breaking above 30,960 signals an upside continuation. A minor consolidation above the broken resistance or retesting this level could bring new long opportunities. Also, a valid breakout above the R2 (31,984) could activate more gains.
