Bitcoin Attracts Buyers!
Bitcoin (BTC/USD) is trading in the green at $50,287 trying to stabilize above the $50,000 psychological level. The price consolidates before trying to resume its major uptrend. The temporary retreat seems over, so BTC/USD could extend its growth soon.
The outlook is bullish and it should remain the same as long as the near-term uptrend line is unharmed. BTC/USD increased during the weekend signaling that the most recent decline is over and that the crypto could resume its upside journey.
BTC/USD Consolidates Its Uptrend!
Bitcoin has creased from $51,846 to retest the $50,000, WL1, and the Pivot Point (49,582). Stabilizing above these obstacles could really signal that BTC/USD will resume its growth in the upcoming period.
It’s traded above the uptrend line, so we could still search for long opportunities as long as BTC/USD is trading above the Pivot Point and above the uptrend support. A false breakdown with great separation below the immediate downside obstacles could bring a great buying opportunity.
A bullish closure above $52,000 psychological level could represent a long opportunity with $58,367 all-time high as a target. Only a valid breakdown below the uptrend line could invalidate a further increase and could signal a larger correction.
The material has been provided by InstaForex Company – www.instaforex.com