19.03.202121:30 Forex Analysis & Reviews: Bitcoin remains above support inside short-term bullish channel

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BTC/USD is still trading above $56,000 and is making higher highs and higher lows inside an upward sloping channel. As long as price is inside the channel and above $56,000 bulls remain in control of the short-term trend and we expect a new all time high towards $63,000-$65,000.

Green lines - bullish channel

Bitcoin is moving higher the last 4 days. Every pull back is followed by buying interest something that can be seen by the long tails of the last 3 out of 4 daily candles. Short-term view remains bullish and even during this weekend we might see a new all time high. Bulls do not want to see price break out of the green upward sloping channel. This would be a sign of weakness and more sellers could step in and push prices lower.

Alexandros Yfantis
Analytical expert of InstaForex
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