Bitcoin edged higher in the short term and now is trading at 29,769 at the time of writing. It has increased by 4.09% from yesterday's low of 28,671 to 29,844 today's high. You knew from my previous analysis that the downside movement could be over and that the crypto could develop a new upwards movement.
In the last 24 hours, Bitcoin is up by 2.91% and by 2.98% in the last 7 days. The current rally helped the altcoins to come back higher as well.
BTC/USD swing higher
BTC/USD retreated a little after escaping from the flag pattern (down channel) trying to confirm its breakout and to attract more buyers before jumping higher.
Failing to test and retest the broken downtrend line announced strong upside pressure. The next major upside target is seen at 30,025.
BTC/USD outlook
A valid breakout above 30,025 announces further growth and is seen as a new long opportunity.
