- BTC/USD is inclined to trend sideways and even break below the weak support at the 38.2% Fibo.
- Bitcoin has a strong bullish bias while all the signals from technical indicators are positive.
Bitcoin price continues to correct higher within the confines of an ascending channel. The channel started to form after BTC/USD found support last week at $4,900 (swing low). The upside correction, although subtle shows that Bitcoin has a bullish outlook in the near-term. The bulls must, however, the battle to send BTC past the channel resistance and establish support above the 50% Fibonacci retracement level between $5,483.36 and a previous swing low of $4,907.02 marginally below $5,200.
Bullish short-term outlook: 1-hour chart
The 50 simple moving average (SMA) recently crossed above the 100 SMA to show that the price is gaining traction in the short-term. Besides the price is trading above the moving averages with the 50 SMA positioned to offer support at $5,100…
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