Breaking: Bitcoin price shows early evidence of trend failure


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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.

https://editorial.fxstreet.com/miscelaneous/BTCUSD_2022-07-21_09-37-18-637940111577646175.png

BTC/USD 1-Hour Chart

 


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