Bitcoin analysis:More downside possible
Previous and current Bitcoin analysis is provided on a 4 hour timeframe. Price action between resistance ($8,656.90 and $8,362.20) and $5,757.60 is identified as a horizontal channel for Bitcoin.
This implies that more sideways movement can be expected between both extremes until there is eventual resolution in price action (bull or bear). A bullish price channel captures the sluggish movement of price action from August 14, 2018 to current and is crucial for monitoring further development.
A break below ~$6,565.10 especially means that price returning back to and moving below $5,757.60 cannot be ruled out. On the other hand, a break above the upper line of the channel could see Bitcoin advance towards current resistance.
This implies that more sideways movement can be expected between both extremes until there is eventual resolution in price action (bull or bear). A bullish price channel captures the sluggish movement of price action from August 14, 2018 to current and is crucial for monitoring further development.
A break below ~$6,565.10 especially means that price returning back to and moving below $5,757.60 cannot be ruled out. On the other hand, a break above the upper line of the channel could see Bitcoin advance towards current resistance.
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