The current Bitcoin price is falling from around $82,250. I initially expected Bitcoin to move higher when it reached the $78,800 area on May 13 because it was holding the lower support line of the channel. I believed the support would hold and that Bitcoin would eventually break above the upper resistance line of the channel, leading to a bullish breakout.
However, the market moved in the opposite direction. Although the price repeatedly tested the lower support line of the channel, it failed to break higher and instead continued to decline. As the downtrend developed, Bitcoin formed a new descending channel.
More recently, the price broke below the lower boundary of that descending channel. However, it is now attempting to move back inside the channel. If Bitcoin successfully reclaims the channel and holds above the lower boundary, I personally believe it could stage a rebound and recover toward the $85,500-$88,300 range.
Even if I'm wrong and Bitcoin rallies from here, I still think a correction to the $73,000 region is likely before the next major move.
BTCUSD
However, the market moved in the opposite direction. Although the price repeatedly tested the lower support line of the channel, it failed to break higher and instead continued to decline. As the downtrend developed, Bitcoin formed a new descending channel.
More recently, the price broke below the lower boundary of that descending channel. However, it is now attempting to move back inside the channel. If Bitcoin successfully reclaims the channel and holds above the lower boundary, I personally believe it could stage a rebound and recover toward the $85,500-$88,300 range.
Even if I'm wrong and Bitcoin rallies from here, I still think a correction to the $73,000 region is likely before the next major move.
BTCUSD 
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.