Bitcoin dropped again but the bullish bias remains intact. It could climb higher anytime as the price stands in the buyer's territory. It is trading at the 64,015 level at the time of writing far below 66,387.40 today's high.
BTC/USD dropped by 4.12% from 66,387.40 today's high to 63,650 daily low. In the short term, it could come down to retesting the immediate support levels before resuming its upwards movement.
BTC/USD Temporary Retreat!
BTC/USD dropped after failing to reach and retest the descending pitchfork's upper median line (uml) and after registering only false breakouts above 65,982.95. 62,856.71 stands as a static support level. As long as it stays above this downside obstacle, the price of bitcoin could jump higher.
Moving sideways and making a valid breakout above the descending pitchfork's upper median line (uml) could signal potential upside continuation. Failing to approach and reach the median line (ml) could signal an upside breakout and a potential growth to 68,564.40.
Staying above 62,856.71 and near the descending pitchfork's upper median line (uml) indicates strong bullish pressure and an imminent upside breakout. Jumping, closing, and stabilizing above the upper median line (uml) could bring new long opportunities.The material has been provided by InstaForex Company - www.instaforex.com