BTC support and resistance channels technical analysis
Looking at the chart we can see that BTC has been on a very bullish trajectory and seems to have broken out above the ascending channel that it had been bouncing around in since February 7th. The chart shows how the previous resistance line may now be acting as a support line and the next resistance line holding BTC back from climbing is the .786 Fibonacci line. The current support level is not well established but should it hold BTC could eventually surge back to challange the .786 Fibonacci resistance line. Alternatively BTC could fall back down into the channel and meet the previous light ascending support, or worse case scenario fall further to the .618 Fibonacci line closer to the bottom of the ascending channel.
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