The future of bitcoin has been embedded in a narrow lateral movement between $ 53,000 (support) and $ 60,000 above (resistance) for about two weeks. And although everything suggests that it will break to the upside, the most important thing is missing, the confirmation of the movement.
Impeccable the bullish channel through which the future of bitcoin has been displacing from the July lows of $ 29,215. We have five impeccable points of support or tangency within the channel, which as we already know is the sufficient and necessary condition to be able to talk about a channel. Then we have as support the base and the last low of reaction at $ 53,625. Although the September highs (previously resistance) could also act as support ($ 53,125). That is to say, $ 53,000 in round figures is a key support.
Now, we cannot launch the bells to the flight for the simple fact that the price is holding from the base of the channel. In order to talk about the start of a new bullish momentum, we need the future of bitcoin close loosely above $ 60,000: the highs of several of the last sessions. Only from that moment will we be bullish again with a target at the all-time highs (69,355) and above the upper part of the channel, which at this time goes through approximately $ 83,000. But if it doesn’t end up breaking $ 60,000 then we won’t have anything.