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Bitcoin is showing extreme boldness amid the general market sentiment of risk aversion. However, if such sentiment continues, the upper limit of Bitcoin's growth also becomes visible — 125,190, which is the upper boundary of the two-year price channel (marked in green).
This morning, the price forcefully broke above the last embedded line of this price channel, opening the path toward an intermediate target at 122,185. However, this level is strong, and if the price reverses downward from it and the Marlin oscillator fails to hold the momentum — even though it's still far from the overbought zone — the quote may return below the 117,730 level. But if the level is broken through, the market will be able to reach the higher target.
On the four-hour chart, the price is rising after consolidating above the 117,730 level. The signal line of the Marlin oscillator is moving sideways but visually appears ready to turn upward. The main scenario remains bullish.
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