Bitcoin Attracts Buyers!

Bitcoin (BTC/USD) is trading in the green at $50,287 trying to stabilize above the $50,000 psychological level. The price consolidates before trying to resume its major uptrend. The temporary retreat seems over, so BTC/USD could extend its growth soon.

The outlook is bullish and it should remain the same as long as the near-term uptrend line is unharmed. BTC/USD increased during the weekend signaling that the most recent decline is over and that the crypto could resume its upside journey.


BTC/USD CONSOLIDATES ITS UPTREND!

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Bitcoin has creased from $51,846 to retest the $50,000, WL1, and the Pivot Point (49,582). Stabilizing above these obstacles could really signal that BTC/USD will resume its growth in the upcoming period.

It's traded above the uptrend line, so we could still search for long opportunities as long as BTC/USD is trading above the Pivot Point and above the uptrend support. A false breakdown with great separation below the immediate downside obstacles could bring a great buying opportunity.


BITCOIN FORECAST!

A bullish closure above $52,000 psychological level could represent a long opportunity with $58,367 all-time high as a target. Only a valid breakdown below the uptrend line could invalidate a further increase and could signal a larger correction.



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Ralph Shedler
Analytical expert
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