The price of Bitcoin registered an amazing rapid rally and now is trading at 25,945 at the time of writing. The retreat ended and now it seems determined to approach and reach new highs.
BTC/USD appreciated by 35.59% from Friday's low of 19,569 to 26,533 today's high. Technically, after such impressive growth, the rate could retreat a little to test and retest the immediate downside obstacles before resuming its growth. Bitcoin's rally helped the altcoins to come back higher as well.
BTC/USD Amazing Rally!
As you can see on the H1 chart, the rate dropped within a down-channel pattern. It has found strong demand right below the 20,000 psychological level and now it has edged higher, ignoring the near-term resistance levels.
As you can see on the H4 chart, the price is located above 25,212 and beyond the median line (ML). After its aggressive breakout, BTC/USD could come back down to test and retest the broken levels trying to confirm the breakout.
BTC/USD Outlook!
Consolidating above the median line (ml) and above 25,212, registering only false breakdowns could confirm the breakout and may announce an upside continuation. Staying above the broken resistance levels and making a new higher high is seen as a long opportunity.
