Black line- resistance
Red lines- trading range
Bitcoin is trading again above $18,000. Price has broken out of the trading range it was in since November and at the same time price is breaking above key short-term resistance trend line coming from $32,300. These are the first signs of strength after a long time. Since June, Bitcoin has mode no real progress. Any bounce attempt was met with more selling and new lower lows. However price made a low at $17,600 in June and at $15,600 in November. Technically trend remains bearish as long as price is below $21,470. On a weekly basis the RSI has provided bullish divergence signs. Bulls hope for a major reversal from current levels.