The red dashed down trendline, which is also the upper borderline of the channel, is of the past. The price of Bitcoin is above that important trendline. Resistance R1 at 10902 was also tested, but could not yet be sustainably overcome. I expect a retracement and another test of the red dashed down trendline. The double support of the red dashed down trendline and the Pivot point at 10514 are probably strong enough for keeping Bitcoin above the channel. This will be the long awaited confirmation of the newly established bull-trend. I will wait with a trade until resistance R1 at 10902 will be sustainably overcome and the target at 12000 comes into reach.
Alternative scenario: If Bitcoin enters the channel again, it will touch the blue curve once more and be reflected there. Should it break through the blue curve, the down target of 5511 comes into play again.
Alternative scenario: If Bitcoin enters the channel again, it will touch the blue curve once more and be reflected there. Should it break through the blue curve, the down target of 5511 comes into play again.
Comment:
BTCUSD is still fluctuating around the red dashed upper border of the channel. Bulls and bears are in a heavy fight and their power is well balanced. I still stay on the sideline with no open trade.
For the big picture, I post the daily chart. The upper and lower border of the channel can be easily seen as well as the blue curve and the target at 12000.