BTC/USD
Though Bitcoin (BTC)
If the digital currency rebounds sharply from either of the supports and breaks out of $4,000, it will be a positive sign. It is then likely to rally to $4,255, which is a major hurdle. A close (UTC time frame) above $4,255 will complete a double bottom, which has a pattern target of $5,273.91.
Currently, both the moving averages are sloping up and the RSI is in the positive territory. Hence, the path of least resistance is to the upside.
Our bullish view will be invalidated if the BTC/USD
Traders can retain the stop loss on the long positions below $3,236.09. We shall soon trail the stops higher to reduce the risk. We might suggest adding long positions on a close above $4,255.
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