Short-term analysis on Bitcoin.

Bitcoin has broken out of the bullish short-term channel and is now back testing it. Bulls need to recapture $65,000 in order to resume the up trend towards $70,000 and higher. This year's end could see Bitcoin price approach $100,000 if support levels are held.

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Blue lines- bullish channel

Recent price action justifies a pull back towards $40,000. Support is found at $57,600 and as long as price is above this level, we should expect Bitcoin to retest recent highs. Failure to hold above this support level will lead BTCUSD towards $50,000 and lower. A pull back towards $50,000-$45,000 would be a healthy pause to the up trend. Forming a higher low around $45,000 would be ideal for bulls in order to gather strength for the next bullish cycle.

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

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