22.03.2023 03:00 PM
Bitcoin: new bullish formation

Bitcoin is bullish and seems determined to approach and reach new highs. It's trading at 28,287 at the time of writing. In the last 24 hours, BTC/USD is up by 0.76% and by 12.27% in the last 7 days.

The bias is bullish in the short term, so further growth is possible. Still, after its strong rally, we cannot exclude a minor retreat or a sideways movement. Bitcoin's strong growth helped the altcoins to gain ground as well.

BTC/USD Range!

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Technically, BTC/USD is trapped between the 27,255 and 28,474 levels. The current range may represent a bullish continuation pattern.

The upside continuation could be invalidated if the rate drops and closes below 27,255. Bitcoin extended its growth after retesting the median line (ml) of the ascending pitchfork. Now, it has reached the upper median line (uml) which represents a dynamic resistance.

BTC/USD Outlook!

Staying near the upper median line (uml) may announce an imminent breakout and continuation. 28,474 stands as the first upside obstacle. A valid breakout through this level may announce further growth. This could represent a bullish signal. Also, coming back to test and retest the 27,255 support as well as false breakdowns could bring new long opportunities as well.

Ralph Shedler,
Analytical expert of InstaForex
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