Bitcoin (BTC) technical analysis:
Trade setup: After topping out at
31K
, price has been consolidating in a Channel Down pattern. We wait for a breakout. Bullish breakout above $28K would indicate Uptrend resumption, with upside to $32K resistance. Bearish breakout below
25K
would indicate onset of downtrend, with downside risk to $21.5K thereafter.
Pattern: Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is
25K
, then $21.5K. The nearest Resistance Zone is $28K (previous support), then $32.0K.
Trade setup: After topping out at
31K
, price has been consolidating in a Channel Down pattern. We wait for a breakout. Bullish breakout above $28K would indicate Uptrend resumption, with upside to $32K resistance. Bearish breakout below
25K
would indicate onset of downtrend, with downside risk to $21.5K thereafter. Pattern: Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is
25K
, then $21.5K. The nearest Resistance Zone is $28K (previous support), then $32.0K.