Bitcoin Price Predication : BTC is trading above the ascending channel

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On the daily chart of Bitcoin, the upper line of the ascending channel has provided great support for  Bitcoin dips since 27th June. Bitcoin has bounced from it numerous time. It actually acts as the first defence wall for BTC, hence, it gives us great trading opportunities. As long as the price sustains above the ascending channel, the bulls will try to test the recent highs at 13,900 However, if Bitcoin breaks it down it will find support from the 50-day SMA and then the lower line of the ascending channel.

BTCUSD

Traders should be patient and wait to buy on supports mentioned above. Levels to watch for short term is 11,800( it's the 23.6 Fibonacci level) then 12,500. RSI is at 55 which shows a consolidation for the next few days.

 BTC/USD will only turn negative if it slips below the ascending channel.




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