Bitcoin has increased as much as 48,455 level and it seems determined to approach and hit fresh new highs. I've told you in my previous analysis that BTC/USD could resume its upwards movement as the downside is limited.
The price of Bitcoin has taken out strong resistance levels signaling that the buyers are very strong. It has registered a 3.31% growth in the last 24 hours and it's up by 3.30% in the last 7 days. Surprisingly or not, the volume is down by 24.31% in the last 24% hours.
BTC/USD Upside Breakout!
Bitcoin has managed to come back above the sixth warning line (wl6) and now it has managed to pass above 47,637 static resistance. It has ignored the 47,302 weekly resistance.
Technically, it could come back to test and retest the broken levels before jumping towards the 50,000 psychological level. The current breakout may signal an upside continuation.
Consolidation, stabilizing above the 47,637 may signal further growth towards the 50,000 level and up to the weekly R1 (51,708). Only dropping and stabilizing below the 47,302 weekly pivot point could invalidate the upside scenario.The material has been provided by InstaForex Company - www.instaforex.com