The unstoppable Bitcoin staged another impressive rally last Friday and took out our perceived resistance zone around 53618/54629 without any hesitation. Though, we’re still skeptical on the sustainability of its momentum. Firstly, bearish divergence condition seems to be building up in hourly MACD. Secondly, there appears to be some resistance around mid-point of the near term channel.
Nevertheless, current up trend is not under any threat as long as channel support (now at 52671) holds. 100% projection of 37232 to 48263 from 47812 at 58843 is the next target. Firm break there could indeed bring upside re-acceleration for 161.8% projection at 65660.
