BTCUSD Channel test
Bitcoin is attempting to recover higher after finding strong technical support, following yesterday’s big price plunge. The BTCUSD pair has now performed an important bearish technical breakout from a rising price channel on the daily time frame. It is possible that BTCUSD bulls may test attempt to test back towards the channel once again if bears are unable to break under the $50,000 support level.
The BTCUSD pair is only bullish while trading above the $53,000 level, key resistance is found at the $55,000 and the $57,000 levels.
If the BTCUSD pair trades below the $53,000 level, sellers may test the $50,000 and $48,000 levels.