FX.co ★ Bitcoin remains in bullish mode respecting channel support

Bitcoin continues to respect the channel support and bulls still have hopes for a new all time high. For this to be achieved, bulls need to break above $59,500-$59,800 price level. We explained in a previous post that this neckline resistance if broken will activate an inverted head and shoulders bullish pattern.

Red rectangle - neckline resistance

BTC/USD continues making higher highs and higher lows inside the long-term upward sloping channel. Price has touched for the second time in the last 15 days the lower channel boundary and is bouncing off of it. For the up trend however in order to remain intact, bulls will need to do more work. Bulls will need to break above the red rectangle resistance. If this resistance is broken, target is $75,000.