Manoj B Rawal
Independent Analyst
- BTC retracts from key level, do or die for the bulls.
- Parallel upwards channel on the short term may provide some help.
Bitcoin, the poster boy of cryptocurrencies is sitting on the cusp of a breakout which is perform or perish situation for the bulls and if not crossed, it may result in prices soon falling back below sub $4,000 levels towards $3,800.
BTC/USD is down three cents of a percent on day at $4,076 and trading in about 3 percent range for the day - signs of reviving volume and volatility, which is one key requirement if the bulls have to breakout past this key resistance visible on the 720-minute chart, which is also upper end of the rising wedge - a potentially bearish set-up.
On the 240-minute chart, an upward sloping parallel channel has been formed, which may provide some crucial support if prices do retrace some more from here. $3,920 is the next level - lower end of the channel.
BTC/USD 720-minute chart:
BTC/USD 240-minute chart:
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