Bitcoin Downside Seems Over!

Bitcoin has managed to rebound and recover after its last drop. It's located at the 46,551 level at the time of writing. Technically, BTC/USD is pressuring a dynamic resistance. Making a valid breakout through this line may bring new long opportunities as the price could climb higher.

Bitcoin it's up by 4.75% in the last 24 hours and it seems determined to climb higher after failing to approach and retest 42,900 former low.


BTC/USD RANGE BREAKOUT EXPECTED SOON!
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As you can see on the H4 chart, Bitcoin is trapped between 47637 and 42,900 levels. It's challenging the sixth warning line (wl6) of a former descending pitchfork. Closing and stabilizing above this dynamic resistance may bring new long signals.

In the short term, BTC/USD could resume its sideways movement. The immediate resistance level and the next upside target is represented by 47,295.59 level. The support is seen around the 43,000 psychological level.


OUTLOOK!
A valid breakout above 47,637 and through 48,000 could be seen as a buying opportunity.




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Ralph Shedler
Analytical expert of InstaForex
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