Bitcoin remains vulnerable to more downside.

Bitcoin continues making lower lows and lower highs remaining inside the bearish channel it has created after the top in early November. Price remains vulnerable to more downside as long as price is below $50,000.

Name: b-a-141221.jpg Views: 59 Size: 48.7 KB

Red lines - bearish channel

Price is sliding inside the bearish channel. The RSI in the Daily chart is scratching the oversold levels. Resistance by the upper channel boundary is at $50,000 and a break above it will be a bullish sign for Bitcoin. Despite making a new lower low, selling pressures were not strong enough to push price below $45,000. As long as price is above $40,000, there are increased chances of a major reversal to the upside. Bears need to be cautious and protect their gains if bulls recapture $50,000.




Name: 45.png Views: 54 Size: 15.5 KB
Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021