Bitcoin rises notably today, following intensified selloff in Dollar in general. The break of 55 day EMA is a positive development for the near term. For now further rise expected as long as 19678 resistance turned support holds. Next target is 22764 resistance.
As for the larger outlook, current rise from 18144 could either be the third leg of the consolidation pattern from 17575, or the start of an up trend. It’s too early to tell. Yet, a take on 25198 resistance is possible on break of 22764. The key resistance level is in 38.2% retracement of 48226 to 17575 at 29283. As long as this fibonacci level holds, medium term outlook will be neutral at best.
