FX.co ★ Bitcoin analysis of the last two months.

Black lines- short-term bullish channel

After the major low in June around $17,600, Bitcoin is slowly but steadily rising, making higher highs and higher lows. Bitcoin has retraced only 23.6% of the decline from $48,000 area. Bitcoin technically remains in a short-term bullish trend as price has created a clear upward sloping channel. However looking at the bigger picture, this upward movement looks more probably as a counter trend bounce and a pause to the bigger down trend. The major and most important resistance is at the blue downward sloping trend line at $27,000-$28,000. As long as price is below this trend line we believe that this is only a counter trend bounce.