Bitcoin bounces from 38.2% Fibonacci retracement level

Bitcoin is still in an ascending Fibonacci channel that it has respected since December 15, 2019 against the U.S. dollar. Strong up sloping support can be found above $9500. If this breaks the .236 Fibonacci retracement level at $8954.36 could also act as support in a bullish trend that began at the December 2018 lows. A daily close below this level would indicate that the trend is effectively over and bears are back in control. Shorts entering at this point could reliably take profits $6409.34 as there is no support above this level. If this bull run does continues however, there will be historical resistance at the .382 Fibonacci retracement level at $10,572.70.46, the .5 Fibonacci retrace at $11,846.22, the .618 golden Fibonacci retrace level at $13,119.77 in addition to the up sloping channel. These targets should be considered as profit taking levels for longs as this data indicates that we are still in a bull market until a successful close below $8954.36.