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Bitcoin is traded lower at the $28,819 level after reaching the $29,321 historical high. The price was expected to increase after its failure to close again under the $26,000 psychological level.
I’ve told you in my previous analysis Bitcoin Goes For New All-Time Highs that BTC/USD should climb higher as long it stays above the uptrend line, after its temporary decline. The price is strongly bullish and it could pass above the $30,000 psychological level soon.
Bitcoin Registered A New All-Time High!
BTC/USD has found temporary resistance at the R1 (29,125) level but most likely it will take out this static obstacle and will approach and reach fresh new highs.
Closing above the R1 and beyond the $29,321 all-time high indicates further growth, more gains towards the R2 (31,999) level.
If you remember, I’ve said in my previous analysis that we may have sharp growth after its failure to reach and retest the Pivot Point ($25,526) level and the minor black uptrend line.
Forecast
Technically, BTC/USD is strongly bullish and it could approach and reach fresh new highs. It could register only minor retreats, before jumping higher as long as it stays above the minor uptrend line.
Closing above the $29,321 could represent a buying signal, the R2 ($31,999) could be used as an upside target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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