BITCOIN - 7/18/2017 Price Update

What can I say? Bitcoin has impressively bounced back and above the $2250 major support level from last week. Moreover, it is on track to challenge the $2352 level discussed then as well. Things to consider, Bitcoin tested $2262 numerous times with weaker and weaker "breakouts" above it to form a head and shoulders pattern that eventually broke. There could potentially be a checking of this level before moving downwards. As you can see, I drew in a bottom channel line from Saturday's low. I'm not entirely convinced that Bitcoin is a downtrend but if the $2256 level were to break again, then watch out below.

Either Bitcoin was testing levels from back in May for the next run up or Bitcoin is teetering into a downtrend. The trend is definitely starting to tilt but the rally has beyond impressive. Let's see if it's just a downtrend rally or actually a "V" bottom bounce.

Levels to watch:

-$2416: Resistance
-$2386: Downwards channel top line
-$2352: Expect a huge battle here. Needs to hold for the sideways movement theory to stay in tact.
-$2328: Current price
-$2256: Formerly major support. Needs to hold this for sideways movement theory to stay in tact.
-$2161, $2112, $2052, and $1913: Potential support going forward.
-$1752: Downwards channel trend line