Bitcoin rallied in the short term but now it has reached a resistance zone. It was trading at 20,059 at the time of writing. As you already know from my analyses, the price action signaled that the sellers are exhausted and that the bulls could take the lead.
BTC/USD increased by 7.98% from Sunday's low of 18,931 to 20,441 today's high. Now, it has retreated a little but the upside pressure remains high.
BTC/USD Range Pattern!
As you can see on the H4 chart, the rate jumped far above the downtrend line and now it has challenged the 20,381 resistance. As long as it stays below this key resistance, the crypto could continue to move sideways.
Registering only false breakouts may signal a new sell-off. After its aggressive breakout through the downtrend line and above the weekly pivot point of 19,297, we cannot exclude a retest.
BTC/USD Forecast!
A valid breakout above 20,381 activates further growth and brings new long opportunities. Staying near the resistance level may signal an imminent breakout.
