Bitcoin - Perform or perish for the bulls

• BTC retracts from key level, do or die for the bulls.

• Parallel upwards channel on the short term may provide some help.

Bitcoin, the poster boy of cryptocurrencies is sitting on the cusp of a breakout which is perform or perish situation for the bulls and if not crossed, it may result in prices soon falling back below sub $4,000 levels towards $3,800.

BTC/USD is down three cents of a percent on day at $4,076 and trading in about 3 percent range for the day - signs of reviving volume and volatility, which is one key requirement if the bulls have to breakout past this key resistance visible on the 720-minute chart, which is also upper end of the rising wedge - a potentially bearish set-up.

On the 240-minute chart, an upward sloping parallel channel has been formed, which may provide some crucial support if prices do retrace some more from here. $3,920 is the next level - lower end of the channel.

BTC/USD 720-minute chart:

Manoj B Rawal

FXStreet