Bitcoin nails outlined target level

Bitcoin has made further progress overnight as the lead cryptocurrency continued to defy any negativity from risk aversion in the wider markets and focused on the positivity provided by the news last week from PayPal. Yesterday, the break above 13,400, was the first sign that the next target level, clearly identified here last week, at 13,851 was firmly on the radar. Well, overnight Bitcoin has reached that previous June 26 2019 high. In fact, it has traded to as high as 13,857, but what is 6 pips when it comes to Bitcoin trading? Not even a near miss; it is about as exact as one could hope for. Leaving the patting on the back here to one side, the question now is where will it head to next. That is not certain and for the time being the 13,850 level has delivered some profit taking. That is 100% to be expected of course. The current upside channel formation does also suggest that Bitcoin could rise to around 14,150, but of course it will need to break decisively above 13,850 first. On the downside immediate support around 13,400 is important to cap any relapse from the current level. Bitcoin is just now trading at 13,772