FX.co ★ Bitcoin: downside limited, imminent upside breakout

Bitcoin was trading in the red at 23,901 at the time of writing, below today's high of 24,246. Technically, the price action invalidated a downside continuation, so a larger growth is still in cards.

BTC/USD increased by 8.24% from last week's low of 22,400 to 24,246 today's high. After its strong rally, a temporary retreat is natural. It could try to test and retest the near-term downside obstacles before resuming its growth.

BTC/USD Attracts More Bullish Energy!

Bitcoin failed to stay below 22,665 signaling exhausted sellers. Now, it has found resistance at the 150% Fibonacci line. It has failed to reach the 24,280 static resistance or the weekly R2 (24,318). We have a strong confluence area at the intersection between the immediate resistance levels.

In the short term, it could test and retest the R1 (23,753) or 23,511. These levels represent downside obstacles.

BTC/USD Forecast!

A valid breakout above the 150% Fibonacci line and through the R2 (24,318) may announce further growth and could bring new long opportunities.