Bitcoin

Read

Rise

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/btc-price-analysis-within-in-a-bear-channel-will-btc-price-resurface-above-30k/">BTC Price Analysis: Within In A Bear Channel, Will BTC Price Resurface Above $30K?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Despite the trending ETF news, Bitcoin prices fail to display bullish moves over the past few weeks. On the contrary, the downtrend action gains momentum leading to a 4.65% drop over the last three weeks.&nbsp;&nbsp; 
The falling trend in BTC price forms a bearish channel pattern in the 4-hour chart leading to a death cross.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh5.googleusercontent.com/pae359-cmM2OpU-zBhUDpdxQRi73N_oHG-EP7mghPEmAEQz_uRpygWQBT13VAxdTpgcx_6FTyGMyYNaCGIb6XdZ-W-fBzL-UIe8kQx8L9AlF-afv6t4e8qJWDXGAeBrdcfSiRiyMMx5WFPIerZFCoQk" alt=""> 
</figure> 
The BTC price action in the 4-hour chart shows a consolidation range formation with constant resistance from the 50 EMA. The consolidation ranges between $29,000 and $29,800. This limits the possibility of a bullish breakout to test the confluence of the resistance trendline and the 200 EMA. 
Also Read : <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin Price Prediction 2023, 2024, 2025: Will The BTC Price Rise Again?</a> 
Moreover, the stochastic RSI displays a bearish crossover as the daily RSI remains sideways below the halfway line.&nbsp; 
Currently, the BTC price action shows four consecutive doji candles forming at the base of the consolidation range. This projects a crucial signal for a bullish turnaround in Bitcoin prices if the buyers manage to avoid a closing below the $29000 mark. 
Optimistically, the bullish reversal will challenge the resistance of the consolidation range and the bearish dominance at $29,800. Leading to a potential breakout, the unleashed momentum can drive Bitcoin price to $31,474. 
If the selling continues below the $29,000 support level, the Bitcoin market value will plummet. The downtrend will test the bullish dominance at the critical support levels of $28,500 and $27,767.

BTC Price Analysis: Within In A Bear Channel, Will BTC Price Resurface Above $30K?

CoinPedia News

2023년 8월 7일에 게재된 다른 기사

Here's One Exciting Thing About Dogecoin's Growth

Chancer Announces BitMart Exchange Listing as Presale Races Past $1m Mark

Tesla CFO Zach Kirkhorn Resigns from Position

Tether (USDT) Begins to Exploit Circle’s Reserves, Analyst Reports: USDC Might Be Losing the Stab...

Shiba Inu Token Burn Rate Skyrockets Over 130%

Alchemy Pay Unveils Enhanced Roadmap for 2023’s Q3 and Q4

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!