12.11.202115:43 Forex Analysis & Reviews: Bitcoin back tests break out area.

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Bitcoin reached as high as $68,520 but price is pulling back towards the break out area and the horizontal support at $63,450, which was once resistance. It is important for bulls to bounce off this area in order to decrease any chances of making a false break out.

Red rectangle- horizontal support

Blue line - support trend line

Bitcoin has support at $63,450 and next at the blue upward sloping trend line at $61,500. Failure to stay above these two levels will be an important bearish signal. Such price action would suggest that the break out was a trap and a fake move to trap more bulls. Bulls need to defend these two support levels and push prices higher. Concluding, trend remains bullish as long as price is above $61,500.

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