Trend remains bullish for Bitcoin. Despite the warning signals from the bearish divergence in the RSI, bulls remain confident of seeing price above $60,000. Short-term trend remains bullish as price is inside an upward sloping channel after the buy signal from the inverted head and shoulders break out at $51,700.
Green lines - bullish short-term channel
Red rectangle -support
Short-term support is at $55,660. A break below this level will most probably bring BTC/USD back towards the red rectangle for a back test of the break out. This red rectangle support area which was once resistance is at $51,700-$52,700. So bulls need to be cautious if price fails to stay inside the green channel.
