Bitcoin could start bounce towards $34,000 from current levels.

Bitcoin remains inside the short-term bearish channel and price today reached the lower channel boundary. Holding above $31,000 will be key for what we can see next. Price could find support at current levels and bounce towards the upper channel boundary near $34,000.

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Blue lines - bearish channel

Bitcoin resistance is found at $33,096 and next at the upper channel boundary around $34,000. Price has made no real progress since May when it first tested the $30,000 level. Price is consolidating and traders better avoid overtrading Bitcoin. Traders better stay on the sidelines and be patient in order for a setup to be formed first, before starting trading Bitcoin again.

The material has been provided by InstaForex Company - www.instaforex.com

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