Bitcoin is breaking out of a descending channel

Type: Bullish jump

Key levels: resistance: $ 51,911.11, Pivot: $ 45,664.01, and Support: $ 44,018.65

Preferred case: broke out of declining trendline resistance, suggesting potential bullish momentum.

We can expect the price from the pivot level, in accordance with the graphical overlap support, to be 161.8% Fibonacci-Extension, 61.8% retracement and 161.8% projection bouncing up towards the first resistance in line with the previous swing high of 161.8% Fibonacci projection level.

Our bullish bias is further supported by the stochastic indicator where the line is at the support level.

Alternative scenario: Alternatively, the price could decrease to the 1st support level in line with the horizontal support level.

Disclaimer: Fusion media would like to remind you that the data contained on this website are not necessarily real or correct. All CFDs (stocks, indices, futures) and Forex-Prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.Fusion media or anyone involved in Fusion Media assumes no liability for any loss or damage arising out of reliance on the information contained on this website including data, rates, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.