FX.co ★ Bitcoin upside scenario takes shape

Bitcoin climbed as much as 20,381 today where it has found resistance. It has dropped by 2.49% in the last hours. The crypto could come back to test and retest the near-term support levels before developing a new bullish momentum.

BTC/USD increased by 9.36% from yesterday's low of 18,636 to today's high of 20,381. After its strong growth, a temporary drop was natural. As you already know from my previous analysis, Bitcoin signaled exhausted sellers and signaled an imminent rally.

BTC/USD Minor Drop!

You knew from my previous analysis that BTC/USD develop a strong move after escaping from the triangle pattern. It has registered an aggressive breakout through the triangle's upside line and above the downtrend line.

Now, the crypto has turned to the downside and it could try to test and retest the R1 (19,755) and the 19,541 levels before jumping higher again.

BTC/USD Prediction!

Testing and retesting 19,541 and the broken downtrend line, registering false breakdowns below these downside obstacles may signal that the retreat ended and that BTC/USD could develop a new bullish momentum.

This scenario could bring new long opportunities at least towards the 20,381 high. A larger growth could be activated by a valid breakout through this level.