Bitcoin finds support at the channel low and now looks to be heading higher

  • BTC/USD bounces off the channel low and now trades 4.76% higher on the session.
  • Bulls and hodl’ers will be glad that the market found some support.

BTC/USD Daily Chart

On the daily chart below it is clear to see that Bitcoin bounced off the channel low.

BTC/USD feels like it has been in freefall over the last few sessions and now we could see a base.

If the price gets back over 7,344 then we would see a bullish engulfing candle for the GMT candle close.

The next major resistance is at 7,830 and this is where the market found support during late September and October.

In terms of psychological levels, 7K looks like a good mark to build from but only time will tell if the bulls can get back in charge.

Additional Levels

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