As we posted before Bitcoin held 18.5k support and has been pumping along with many alt coins and bullish news. Bitcoin with the pump has made a bullish structure now we have a newly introduced demand at $20,200 which needs to be held for more upside.
However, if Bitcoin lose $20,200 we can expect more downside as we will have structure shift.
Right now the price of Bitcoin is getting reject at 21.5k. The Price Action also suggests that Bitcoin price is in a parallel channel if I am correct the target is going to be 24k - 25K for this move. We can expect a pullback towards 19.5k if price doesn't hold the new demand of $20,200.
All the important levels are marked on the chart.
Enjoy Trading.
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