Manoj B Rawal
Independent Analyst
- Higher high, higher low channel formation.
- Major resistance to cross for rally to resume.
The king of cryptocurrencies, Bitcoin, is at an interesting juncture currently - while short term technical outlook remains bullish as the price seems to be forming higher highs and higher lows channel formation, longter term outlook still remains challenging with a barrier in the form of descending trendline resistance.
BTC/USD is down more than 2 precent on day at $9,365 after bouncing a bit from day's low of $9,175. Immediate resistance for BTC now is at the pivot point of the day, which is at $9,631, while support is placed at $9,122 and major support at $9,050 level, channel support on the hourly chart. On the daily chart, Bitcoin bulls need to convincingly cross past this major hurdle in the form of descending trendline, currently placed at $9,871.
Among interesting news that matters, European crypto brokers welcome regulation but want transparency in around the crypto market, as reported by Bloomberg. (Read here)
BTC/USD hourly chart:
BTC/USD daily chart:
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