FX.co ★ Bitcoin: deeper drop invalidated, rebound signaled

Bitcoin rallied in the short term after signaling exhausted sellers. Now, it is trading at 16,439 at the time of writing. below 16,640 today's high. The price action showed oversold signs, so a rebound is possible.

BTC/USD increased by 7.50% from Monday's low of 15,479 to the 16,640 daily high. Still, after its rally, the rate could retreat a little, it could test and retest the near-term support levels before jumping higher.

BTC/USD Triangle Breakout!

BTC/USD registered only false breakdowns below 15,632 static support and now it has jumped above the downtrend line. It retests the weekly pivot point of 16,390. As long as it stays above it, it could resume its growth.

Still, the rate could come back to test and retest the broken downtrend line as well. False breakdowns below this line followed by a new higher high signals a larger rebound.

BTC/USD Forecast!

Jumping and closing above 16,640 activates further growth. 17,592 is seen as a potential target.