Blue lines- bearish channel
Violet lines- Fibonacci retracement levels
Bitcoin is trading around $22,746 making new higher highs relative to yesterday. In our previous analysis we noted the exit out of the bearish channel and the start of an upward move. Price is now trading around the 50% Fibonacci retracement of the last decline. Price is making higher highs and higher lows. Recent higher low at $21,383 is key short-term support. Bulls need to defend this level otherwise there is danger of falling below $20,000. Next upside resistance is found at the 61.8% Fibonacci retracement at $23,160. There are increased chances of price continuing higher towards that level.