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Bitcoin towards new highs as 49,600 support holds

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Bitcoin was edging higher at the time of writing, targeting the 52,000 psychological level. It was traded at 51,519.91 and it seemed determined to climb higher after ending its temporary decline. After its amazing rally above the 50,000 psychological level, a minor retreat was natural.

BTC/USD registered a 4.58% growth from yesterday’s low of 49,458.85 to 51,725.06 today’s high. Bitcoin’s rally helped the altcoins to raise a little as well. Still, it remains to see how it will react after it reaches a near-term dynamic resistance.

BTC/USD attracted by the upper median line

BTC/USD slipped lower to retest the 49,600 former high which represents static support and then it rallied. The price failed to stay below the 50,000 psychological level signaling strong buyers and upside pressure.

The Descending Pitchfork’s upper median line (uml) stands as a dynamic resistance. Also, the 51,864.56 former high stands as an upside obstacle. The support is at 49,600, so the rate could move sideways between these levels.

BTC/USD outlook

A sideways movement followed by a valid breakout above the Descending Pitchfork’s upper median line (uml) may announce a larger leg higher. Staying near the upper median line (uml) could announce an imminent upside breakout.

Jumping, closing, and stabilizing above the 51,864 and above the upper median line (uml) could represent a buying opportunity.

The material has been provided by InstaForex Company – www.instaforex.com

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