The price of Bitcoin (BTCUSD) opened this week with strong gains on its last intraday levels, to breach the current resistance level at $118,00, supported by the dominance of the main bullish trend and its trading alongside a minor bias line on the short-term basis, reinforcing the strength of the positive momentum.

The price is supported by the trading above EMA50, besides the clear bullish signals on the (RSI), despite reaching overbought levels, which might open the way for more upside moves if the price settles above the new support levels.

Therefore, our expectations suggest a rise in (BTCUSD) price in the upcoming intraday trading, if it settles above $118,800, to target the initial resistance levels at $120,700.

The expected trading range is between $118,000 support and $120,700 resistance.

Todays forecast: Bullish

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