FX.co ★ Bitcoin ends the week near its all time highs

Trend remains bullish for Bitcoin. Despite the warning signals from the bearish divergence in the RSI, bulls remain confident of seeing price above $60,000. Short-term trend remains bullish as price is inside an upward sloping channel after the buy signal from the inverted head and shoulders break out at $51,700.

Green lines - bullish short-term channel

Red rectangle -support

Short-term support is at $55,660. A break below this level will most probably bring BTC/USD back towards the red rectangle for a back test of the break out. This red rectangle support area which was once resistance is at $51,700-$52,700. So bulls need to be cautious if price fails to stay inside the green channel.