Bitcoin Price Analysis: BTC/USD at cross-cross with two crucial channels, what to expect?


  • Bitcoin price struggles to avert more declines even as the bearish flag pattern breakdown lingers.
  • The improving short term technical picture could see BTC reclaim $7,400 and $7,500 respectively.

Bitcoin price has a minor bullish bias on Tuesday and towards the end of the Asian session. The volatility on the market is high while Bitcoin is trading at $7,364. The largest cryptocurrency in the world has adjusted from an opening value of $7,306 and also touched $7,412 (intraday high) to the upside.

Looking at the 4-hour chart, Bitcoin is pushing for recovery within a short term ascending channel. This channel can also be interpreted as a bearish flag pattern. Which means, Bitcoin is still in danger of breaking down towards $7,000 and even re-entering the $6,000 range.

On the other hand, Bitcoin is also battling a long term descending channel resistance. The channel support has been shuttered ones when BTC dived to lows close to $6,500. However, the price swiftly reclaimed the position within the channel.

Consequently, the decision to follow either channels will depend on the price action in the near future. Meanwhile, the prevailing trend is bullish. The RSI is gradually moving toward the average. Continued movement north will see the price reclaim the ground above $7,400 and push towards $7,500.

BTC/USD 240’ chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dominance war to push Ethereum to $270

The Altcoin segment is still in full swing while the crypto board leaders, Bitcoin and Ethereum, remain stuck at the same levels as in recent weeks.

More Bitcoin News

XRP/USD glued to $0.2000 after a failed recovery attempt

Ripple's XRP is changing hands at $0.2000, mostly unchanged both on a day-to-day basis and since the beginning of Monday. The coin has been locked in a tight range since July 11 after a retreat from the recovery high of $0.2117.

More Ripple News

IOT/USD lift-off to moon begins as $0.30 draws nigh

IOTA is among the biggest single-digit gainers on the day. Most cryptocurrencies in the market remain lethargic in their trading. However, some selected coins are leading recovery including Chainlink, Tezos, NEO and Dash. 

More IOTA News

Ethereum Price Update

Ethereum (ETH) is changing hands at $243.90,  mostly unchanged both on a day-to-day basis and since the beginning of Monday. The second-largest digital asset has recovered above the short-term channel resistance $24.00, however, the further upside has stalled above $243.00. 

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP