Bitcoin is trading at $58,780. Price remains inside the long-term upward sloping channel and it continues to respect the channel boundaries and continues making higher highs and higher lows. There is a chance that we might see a pull back this weekend towards $54,500 where we find important support.

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Blue lines- bullish channel

Red line – resistance (broken)

BTC/USD has resistance at $60,000. I do not believe that the most probable scenario is for Bitcoin to break the resistance towards new all time highs now. I believe it is more probable to see a pull back towards the red trend line as a back test of the break out of the resistance which is now support. The $54,000 price level is key because there we also find the lower channel boundary. A pull back towards that level for the creation of a higher low is more probable, in order to gather momentum for a new all time high.

The material has been provided by InstaForex Company – www.instaforex.com

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