Bitcoin: Price Still Moves Within a Bearish Structure
Since early 2021, Bitcoin has been moving in an approximate range of $29000 ~ $66000. The price movement has been divided into clear bullish and bearish segments. In each segment, we can identify continuous chart patterns supporting each movement.
As we previously forecasted in our BTCUSD analysis, the price has broken its bearish flag channel and fallen to the bottom support level, reaching a new low of $27000. This is a very strong support area and we expect a period of consolidation from this level.
Currently, the price is still moving within a bearish segment. In the chart, we can see the price has formed a bearish pennant channel after a strong bearish impulse. This is a clear bearish structure; therefore, we expect at least another retest of the recent low of $27000.
For a bullish reversal to occur from the support level, we need to first see a reversal pattern being formed. Then price breaking above the pattern would suggest a possible reversal.
Check out our previous cryptocurrency trading ideas below :)
As we previously forecasted in our BTCUSD analysis, the price has broken its bearish flag channel and fallen to the bottom support level, reaching a new low of $27000. This is a very strong support area and we expect a period of consolidation from this level.
Currently, the price is still moving within a bearish segment. In the chart, we can see the price has formed a bearish pennant channel after a strong bearish impulse. This is a clear bearish structure; therefore, we expect at least another retest of the recent low of $27000.
For a bullish reversal to occur from the support level, we need to first see a reversal pattern being formed. Then price breaking above the pattern would suggest a possible reversal.
Check out our previous cryptocurrency trading ideas below :)
