Bitcoin has broken up from an approximate horizontal trend channel in the medium long term. This signals a continued strong development, and the currency now meets support on possible reactions down towards the ceiling of the trend channel. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 67241. The objective at 84547 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 72000 points. The short term momentum of the currency is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Bitcoin. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the medium long term.

Bitcoin has broken up from an approximate horizontal trend channel in the medium long term. This signals a continued strong development, and the currency now meets support on possible reactions down towards the ceiling of the trend channel. The price has risen strongly since the positive signal from the rectangle formation at the break through resistance at 67241. The objective at 84547 is now met, but the formation still gives a signal in the same direction. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the currency has support at approximately 72000 points. The short term momentum of the currency is strongly positive, with RSI above 70. This indicates increasing optimism among investors and further price increase for Bitcoin. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the medium long term.