FX.co ★ Bitcoin respects bullish channel.

Bitcoin is stabilizing above the $60,000 price level. Price remains in a bullish trend as it continues making higher highs and higher lows. Price is still inside the bullish short-term channel, however the RSI is still providing bearish divergence warning signals.

Blue line- bearish RSI divergence

The RSI is not making higher highs as the price does. This is a sign that the up trend is weakening. On the other hand price continues to respect the channel boundaries and as long as this is the case, bulls will remain in control of the short-term trend at least. Support is at $60,000 where we find the lower channel boundary. Failure to hold above it, will open the way for a deeper pull back towards at least $55,000.