The price of Bitcoin turned to the upside and is fighting hard to recover after its massive drop. Technically, a bounce back was natural even if the crypto resumes its downside movement. It was trading at 17,169 at the time of writing below the 17,964 daily high.
in the last 24 hours, BTC/USD is up by 3.30% but it’s down by 13.92% in the last 7 days. The current rebound helped the altcoins to recover as well. Still, despite temporary rebounds, the bias remains bearish.
BTC/USD Temporary Rebound?
As you can see, BTC/USD developed a flag pattern, an up channel. The current flag could announce a new sell-off. The 18,271 – 18,540 area represents a resistance zone. As long as the price stays below it, Bitcoin could resume its downside movement.
17,114 and the flag’s downside line represent support levels. Activating this pattern could open the door for more declines.
BTC/USD Outlook!
A valid breakdown below the uptrend line activates a downside movement. On the other hand, a valid breakout through 18,540 announces a larger rebound.
The material has been provided by InstaForex Company – www.instaforex.com
The price of Bitcoin turned to the upside and is fighting hard to recover after its massive drop. Technically, a bounce back was natural even if the crypto resumes its downside movement. It was trading at 17,169 at the time of writing below the 17,964 daily high.
in the last 24 hours, BTC/USD is up by 3.30% but it’s down by 13.92% in the last 7 days. The current rebound helped the altcoins to recover as well. Still, despite temporary rebounds, the bias remains bearish.
BTC/USD Temporary Rebound?
As you can see, BTC/USD developed a flag pattern, an up channel. The current flag could announce a new sell-off. The 18,271 – 18,540 area represents a resistance zone. As long as the price stays below it, Bitcoin could resume its downside movement.
17,114 and the flag’s downside line represent support levels. Activating this pattern could open the door for more declines.
BTC/USD Outlook!
A valid breakdown below the uptrend line activates a downside movement. On the other hand, a valid breakout through 18,540 announces a larger rebound.
The material has been provided by InstaForex Company – www.instaforex.com
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