Blue lines- bearish channel
Red lines- horizontal key price levels
Bitcoin is trading around $20,000. Price has bounced higher from $19,000 but price has made no real progress. Price remains inside the medium-term bearish channel and is challenging channel resistance. Price continues to respect the key horizontal support of $18,500. As long as price holds above $18,500, bulls have hopes for a bigger bounce towards $28,000. First obstacle bulls need to overcome is the recent high at $22,780. Failure to do so will lead to a break below support and a move towards $12,000.
