Bitcoin Price Analysis: Bulls testing critical monthly resistance structure

The bulls are taking on the bears at a critical juncture on the charts. 

The price has spiked in Asia, printing a fresh high in an ascending channel along the trendline support. 

However, there is a lack of conviction until bulls get over the line. 

The following is a top-down analysis to demonstrate the market structure from a monthly to an hourly basis. 

Monthly chart, double top

Breakout point

61.8% Fibonacci retracement is a strong support structure 

Hourly structures

It can go either way at this juncture