BTC/USD rallied in the short term and it seems unstoppable. It's trading at 22,802 far above today's low of 22,138. Bitcoin increased by 3.98% from the daily low to 22,943 today's high. The current rally helped the altcoins to jump higher as well.
In the last 24 hours, BTC/USD is up by 3.21% and by 0.14% in the last 7 days. Still, after its strong growth, we cannot exclude a temporary drop. The rate could come back to test and retest the near-term support levels before resuming its growth.
BTC/USD Bullish Pattern Violated!
BTC/USD ignored 22,314 and the downtrend line confirming strong buyers and a larger leg higher. After its strong growth, the rate could come back to test and retest the broken levels before extending its swing higher.
The weekly R1 (23,000) stands as the next upside target and obstacle. BTC/USD could find resistance/supply around this level.
BTC/USD Forecast!
Dropping a little, testing and retesting the broken downtrend line and the 22,314 level could bring new long opportunities. Also, a valid breakout through the R1 activates further growth.
