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Bitcoin rallied in the short term and now is trading at 20,859. It has climbed as much as 21,017 today where it has found temporary resistance. BTC/USD increased by 6.42% from yesterday's low of 19,750 to today's high.
In the last 24 hours, BTC/USD is up by 3.55% and by 8.95% in the last 7 days. The current rally boosted the altcoins as well. Now, the token has reached strong resistance levels, it remains to see how it will react.
BTC/USD reached the median line (ml), 20,870 former high, and the weekly R1 (21,009). These represent upside obstacles, so only a valid breakout may signal an upside continuation.
Technically, we have a strong supply zone around these upside obstacles. False breakouts or a strong bearish pattern could announce a new sell-off. Still, in the short term, its failure to stay under 19,666 signaled strong upside pressure.
A valid breakout above the median line (ml) and through the R1 (21,009) could confirm further growth and could help the buyers to catch a larger swing higher.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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