Blue lines- bearish channel
Bitcoin is breaking above the upper channel boundary resistance. Bitcoin is now trading around $22,289. With today's break out of the bearish channel, we get a first signal of a short-term trend reversal. Price has broken the latest lower high and has started making higher highs and higher lows. The decline from $24,258 is most probably over. Recent low at $21,456 is key support. Bulls need to defend this level and stay above it. A break below it will open the way for a move below $20,000.