Breaking: Bitcoin price shows early evidence of trend failure

Tony M.FXStreet Contributor

Bitcoin price has breached the ascending parallel channel. This could be early evidence of a change of trend. Liquidity under $22,000 is now in jeopardy as a bearish engulfing candle has pierced through the lower end of the ascending boundary.

Bitcoin price currently auctions at $22,500. Placing an early entry short is ill-advised. A classic retest-and-fly of the channel near the $23,000 region signal could promote a favorable entry while aiming for the 21-day simple moving average (SMA) at $20,750. Invalidation would be the swing high at $24,318 or a new high if established.

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BTC/USD 1-Hour Chart

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

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