empty
 
 
27.10.2022 06:38 PM
Bitcoin developing upside continuation pattern

Bitcoin climbed as much as 21,012 yesterday registering a new high. Now, it is trading at 20,596 at the time of writing. After its strong rally, a temporary retreat is natural. The rate could test and retest the near-term downside obstacles before jumping higher.

In the last 24 hours, BTC/USD is down by 1.17% but it's still up by 6.83% in the last 7 days. Bitcoin's rally helped the altcoins to increase as well. So, DXY's further growth could push the other major cryptocurrencies higher.

BTC/USD Retesting The Buyers!

This image is no longer relevant

As you can see on the H1 chart, Bitcoin came back down to test and retest the 20,381 range's resistance. You knew from my previous analyses that BTC/USD moved sideways within an extended range.

Now, it has escaped from this pattern by taking out the 20,381 resistance. Technically, the current drop could be only a temporary one. The bias remains bullish despite a minor retreat.

BTC/USD Forecast!

BTC/USD develop a minor flag pattern that could announce an upside continuation. Testing and retesting the 20,381, registering false breakdowns may announce a new bullish momentum. A valid breakout above the minor downtrend line and a new higher high activates an upside continuation and brings new long opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ralph Shedler
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback