Bitcoin still in bullish trend but bulls need to be cautious.

Bitcoin continues to trade inside the bullish short-term channel that we mentioned in previous posts. Price continues to trade above the key short-term support of $60,000. Price is making a pull back towards $63,000 after making a new all time high above the $66,000 level.

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As we mentioned in our previous analysis, the RSI was providing bearish divergence signals in the 4 hour chart, implying that the up trend is weakening. For this to be considered as a reversal signal, we will also need to see price break important support levels and exit the bullish channel. None of the aformentioned conditions has been met, so we evaluate that trend remains bullish until further notice. Price is challenging the channel support. Breaking below $62,000 would be the first important sign of weakness and a break below $60,000 would confirm the end of the upward movement that started back at the $39,450 level.The material has been provided by InstaForex Company - www.instaforex.com

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