Bitcoin rallies above 45700

BTC/USD traded open with a negative gap on Monday, breaking above the key resistance (now turned into support) zone of 45700, marked by the peak of February 10^th, as well as the inside swing lows of December 13^th until 30^th. That barrier also acted as the upper end of the sideways range that had been containing the price action since January 5^th. In our view, this has turned the short-term picture positive for now.

At the time of writing, the crypto looks to be heading towards the high of December 31^st, at 48500, the break of which could extend the advance towards the 52115 and 53350 zones, defined as resistance by the high of December 26^th, and the inside swing low of November 26^th. If the bulls are not willing to stop there, then we could see them climbing much higher, perhaps to the 59340 territory, which prevented the price from moving higher between November 21^st and 30^th.

Shifting attention to our short-term oscillators, we see that the RSI edged north and now looks ready to emerge above 70, while the MACD lies above both its zero and trigger lines. Both indicators detect strong upside speed and support the notion for further advances in this cryptocurrency.

We will abandon the bullish case only if we see a return back below 44650. This could signal the return back within the aforementioned sideways range and may encourage some declines within the range. The first zone to consider as a support may be at 37350, marked by the lows of March 7^th and 13^th, the break of which could carry extensions towards the low of February 24^th, at 34415, or the low of January 24^th, at 32800.