Bitcoin Upside Scenario Takes Shape!

Bitcoin trades at $54,199 at the time of writing trying to approach and reach new highs after ending its temporary and short-term retreat. The bullish bias remains intact, so BTC/USD could come back towards $58,367 all-time high soon.

Yesterday I've told you in my analysis Bitcoin Attracts Buyers! that Bitcoin will be expected to increase if it stabilizes above the $50,000 psychological level and beyond the Pivot Point. The rate has retested these levels and now it has registered a new higher high signaling more gains.


BTC/USD TARGETING NEW HIGHS!

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BTC/USD failed to retest the uptrend line in the last attempts signaling strong bullish pressure. Closing above $52,666 former high signals a breakout through the R1 ($54,100) which acts as a static resistance.

Passing and stabilizing above the R1 will definitely that BTC/USD will approach the WL2, R2 (57,210), and the $58,367 historical high. Bitcoin could reach new all-time records, highs, as long as it stays above the uptrend line.


BITCOIN TRADING TIPS!

Today's bullish closure above $52,666 former high represents a bullish signal. BTC/USD should increase further if it closes above the R1 ($54,100). A larger growth could be signaled by a jump and stabilization above $58,000 psychological level.

If you want to invest or speculate on Bitcoin don't forget to place a Stop Loss somewhere below the immediate uptrend line. You can hide it under the $43,016 lower low.



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Ralph Shedler
Analytical expert
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