Bitcoin rallied in the short term and now it challenges a strong dynamic resistance. It was traded at 24,219 at the time of writing and it seems determined to approach and reach new highs.
It has increased by 28.43% from 18,905 last week's low to 24,280 today's high. In the last 24 hours, BTC/USD is up by 5.72% and by 24.22% in the last 7 days. The current rally forced the altcoins to grow as well.
BTC/USD Strongly Bullish!
As you can see on the H4 chart, the rate failed to make a new lower low or reach the 18,595 former low signaling strong upside pressure. Its valid breakout through the 21,708 level announces more gains.
Now, it has reached the channel's upside line which represents an upside obstacle. It has jumped above this dynamic resistance but it remains to see if t will validate the breakout. A false breakout may signal a new sell-off.
BTC/USD Forecast!
Validating its breakout above the upside line could announce further growth at least towards the 25,401 key level. A larger upwards movement could be activated by a valid breakout above this static resistance.
Trading analysis offered by RobotFX and Flex EA.
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