Bitcoin’s price has been trending lower since the beginning of June, failing to recover toward its all-time highs. Still, the bull market seems to be far from over.
By TradingRage
On the daily timeframe, the price has declined since failing to hold above the $70K mark. The $65K support level has also been broken to the downside, and BTC is dropping toward $60K. If this level also fails to hold, the 50-day moving average, around the $58K mark, would be the last resort.
The RSI also shows values below 50%, which suggests that the momentum is bearish again, and a drop toward the $60K level is highly probable.
Source: TradingView
Looking at the 4-hour chart, the price has been forming a falling wedge pattern recently. If the market breaks the wedge to the upside, the cryptocurrency will likely begin a new bullish move.
However, with the $65K support level lost and the price currently testing the channel’s lower boundary, a bearish breakout might be on the cards. In this case, a drop toward the $60K zone would be imminent in the short term.
Source: TradingView
The post Bitcoin Price Analysis: The Bullish and The Bearish Case for BTC Following 5% Weekly Crash appeared first on CryptoPotato.
Technical Analysis
By TradingRage
The Daily Chart
On the daily timeframe, the price has declined since failing to hold above the $70K mark. The $65K support level has also been broken to the downside, and BTC is dropping toward $60K. If this level also fails to hold, the 50-day moving average, around the $58K mark, would be the last resort.
The RSI also shows values below 50%, which suggests that the momentum is bearish again, and a drop toward the $60K level is highly probable.
Source: TradingView
The 4-Hour Chart
Looking at the 4-hour chart, the price has been forming a falling wedge pattern recently. If the market breaks the wedge to the upside, the cryptocurrency will likely begin a new bullish move.
However, with the $65K support level lost and the price currently testing the channel’s lower boundary, a bearish breakout might be on the cards. In this case, a drop toward the $60K zone would be imminent in the short term.
Source: TradingView
The post Bitcoin Price Analysis: The Bullish and The Bearish Case for BTC Following 5% Weekly Crash appeared first on CryptoPotato.
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