Bitcoin Attempts To Hold Rising Price Channel

• Bitcoin is down by a small 1.5% today after hitting resistance at $36,000.
  
  
• The cryptocurrency remains trading inside a short-term rising price channel as it battles to remain above the lower boundary.
  
  
• The cryptocurrency recently broke resistance at a descending trendline that dated back to the May highs.
  

Bitcoin is down by a small 1.5% today as the coin is rejected by resistance at $36,000. Despite this short-term price drop, BTC still remains up by a total of around 15% from the 30K price low seen over the weekend.
Since rebounding from the weekend low, BTC formed an ascending price channel as it surged as high as $36,514 (bearish .618 Fib Retracement) yesterday. From there, it has rolled over and headed into the lower boundary of the price channel as the buyers attempt to defend the level.

What has been going on?

Looking at the 4-hour chart above, we can see that BTC has surged quite significantly from the low price that was seen over the weekend. It had started to surge inside an ascending price channel as it broke resistance at $35,000 that had stalled the market last week.

Yesterday, Bitcoin managed to briefly break past the $35,000 resistance (bearish .5 Fib Retracement), and it continued to push higher above resistance at $36,000. After breaking $36,000, BTC persisted to move higher to reach resistance at $36,515, provided by a bearish .618 Fib Retracement level.

Since hitting this resistance, BTC has rolled over and started to drop lower. It did break the previous short-term ascending price channel (dashed line), but a newly formed price channel has since emerged, and BTC is battling to remain above the lower boundary today.

Bitcoin price short-term prediction: NEUTRAL

Bitcoin still remains neutral in the short-term and would have to break above resistance at $42,000 to start to turn bullish again. On the other side, a daily closing candle beneath $30,000 would be required to turn the market bearish.

Looking ahead, the first support lies at the lower boundary of the price channel. Beneath the channe, support lies at $34,180 (.382 Fib Retracement), $34,000, $34,415 (.5 Fib Retracement), $33,000, and $32,650 (.618 Fib Retracement).

If the bears continue to drive BTC lower, added support lies at $32,000, $31,500, $31,155 (.886 Fib Retracement), and $31,000.

Where Is The Resistance Toward The Upside?

On the other side, the first resistance now lies at $35,000. This is followed by $36,000, $36,515 (bearish .618 Fib Retracement), $37,000 (upper boundary of price channel), $37,425 (1.414 Fib Extension), and $38,000.

Beyond $38,000, additional resistance is found at $38,620 (bearish .786 Fib Retracement), $39,000, $40,000, and $40,560 (bearish .382 Fib Retracement level).