Is Bitcoin Ready for Another Bullish Leg?

Bitcoin seems positioned for a bullish test after the breakout-fakeout on the lower side of the bearish channel at the end of last month.

From the historical high in March the asset lost 23% when it reached its second quarter low 56,629 in April. The current settings remain negative because there are both higher highs and higher lows, typical of a downtrend. The fakeout however, associated with a potential breakout of the higher side of the channel, could suggest that BTCUSD is positioned for a new bullish leg.

Uncertainty at this point suggests limiting directional trades generated from technical settings and wait for confirmation from price generated information.