Bitcoin breakout soon?

Bitcoin extends its growth even if the price reached some upside obstacles. It's trading at 44,777 below 44,949.05 today's high. The cryptocurrency is bullish, so it could reach new highs soon.

BTC/USD rose by around 3.16% today less compared to the 7% growth registered yesterday. The price action has signaled that the downside movement, the correction is over. Still, we'll have to wait for strong confirmation that the price of Bitcoin will develop strong growth.

Unfortunately, the pressure remains high as BTC/USD stands below strong resistance levels.

BTC/USD Bulls In Charge!

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BTC/USD has managed to jump above the weekly S1 (44,155.59) level and now it has reached the daily R1 (44,882). The ascending pitchfork's median line (ml) could attract the price after the false breakdown with great separation below the lower median line (lml).

The median line stands at a dynamic resistance. A valid breakout through this obstacle could really validate further growth towards the 50,000 psychological level.

Bitcoin Prediction!

Personally, I believe that jumping and stabilizing above the median line (ml) and beyond the weekly pivot point (46,498.29) could represent a bullish opportunity. From there, BTC/USD could very easily resume its growth.

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

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