Bitcoin trades at 49,194 level lower versus 50,250 today's high. It has decreased to retest static support before challenging the $50,000 psychological level again. Jumping and stabilizing above this level could attract more buyers which should lead the rate higher.
BTC/USD escaped from a chart pattern signaling that the corrective phase could be over. The price has found support at the 43,016 level before turning to the upside again. Technically and fundamentally, BTC/USD maintains a bullish outlook after the short-term natural decline.
BTC/USD Still Bullish!
BTC/USD escaped from a minor Falling Wedge pattern and now is traded right above the Pivot Point (48,618). Jumping and closing above 50,250 today's high signal that the price should increase targeting the 58,367 all-time high.
The price's failure to approach the S1 (39,628) or at least the 41,986 support level (resistance turned into support) signals that it could resume its major uptrend.
Bitcoin Forecast & Tips!
The first warning line (WL1) and the $50,000 level act as strong resistance. Jumping and closing above these levels will be seen as a bullish signal. So, we may have a buying opportunity if the price closes above the 50,250 level.
The R1 (54, 206) and the $58,367 could be used as upside targets.