Red rectangle- major horizontal resistance
Green rectangle- major horizontal support
Black lines- Fibonacci retracements
Red lines- near term upward sloping channel
Bitcoin managed to reach $24,000 earlier today. Price continues making higher highs and higher lows. Price has reached the upper boundary of the upward sloping channel and has surpassed the 38% Fibonacci retracement of the last leg down. Resistance is found at $24,950 at the 50% Fibonacci retracement level. Support is at recent higher low of $20,625. Traders better focus on these two levels and be patient. Although price is moving higher, it does not feel like a new bull run starting. On the other hand, bears need to do a lot of work in order to break the key support at $19,000.