Bullish: Bitcoin Breaks Bullish Channel, Holds Above Key Level

The bullish channel we discussed in last week's update saw a breakout to the upside as expected. Price has held above the upper channel trend line over the last few days. As long as it holds above this level and consolidates, the probabilities for further upside remain bullish.

Upside resistance is $74,000 in near-term

Should Bitcoin break back inside the channel on a daily closing basis, probabilities begin to sway back the near-term bearish side. Downside support would come in at the bottom trend line of the channel around $52,000. This is also a secondary major support level.

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