Bitcoin Price Analysis: BTC/USD stuck within highway to hell for now

  • Bitcoin price nursing losses of around 1% in late trading on Friday.
  • BTC/USD is moving within the confinements of a descending channel formation.

 

Bitcoin price late on Friday is seen nursing losses of around 1%, as the trend continues to see a lack of commitment from either bull or bear camps. Price action continues to be choppy for, after a hard amount of selling seen throughout 2018.

Keeping the above comment in mind, BTC/USD has somewhat stabilized which is reassuring, given the downside pressure last year.  In terms of price action today, it is stuck within the confinements of a descending channel formation, which has been the case since yesterday, its 10th birthday.

The upper trend line of the mentioned channel is seen tracking at $3785, with the lower trend line tracking at $3715 of the pattern. There is further support which is actually eyed at another line of support, which has provided comfort since 27th December.

 

BTC/USD 4-hour chart

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