Bitcoin: Perform or perish for the bulls

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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