BTC/USD after reaching our target just above $60,000 has pulled back as expected when the short-term bullish channel was broken at $59,300. Price has made a higher low at $53,316 and is now approaching $59,000 again. Bitcoin has the potential to run higher over the next few weeks for a move towards $65,000 or even $70,000.
Support is found at $54,300. As long as price is above this level we remain short-term bullish looking for a move to new all time highs. Our first target is at the upper channel boundary near $63,600. Price is making higher highs and higher lows. Trend remains clearly bullish however we should not ignore the bearish divergence warnings by the RSI. That is why stops to protect profits should be raised. $54,300 is my stop and if price reaches my first target and the RSI provides another divergence, then I would prefer to partially liquidate longs.
