Blue line- support trend line
Red lines- bearish channel
Bitcoin is trading around $30,150. Short-term trend is about to change as price is exiting the bearish channel it was in for the last 9 weeks since the $31,043 highs. Price is respecting the blue upward sloping support trend line and right on time bulls step in to push price above the channel resistance at $27,225. Recent price action favors bulls for the medium-term. As long as price is above the blue support trend line and last week's low at $24,753, we should remain optimistic for a move towards $35,000-$37,000. The RSI has still not reached overbought conditions on a weekly basis. Price continues making higher highs and higher lows since the Summer of 2022 lows. If this pattern remains intact, 2023 could be a very good year for Bitcoin.
