- Bitcoin confinement in a descending channel spells doom for the bulls as target shifts to $7,000.
- BTC/USD is still seeking a bottom; a reversal from the bottom could easily climb to $14,000.
Spot rate: $8,743
Relative change: -67
Percentage change: -0.77%
Volatility: Low
Trend: Bearish
BTC/USD daily chart
-637092128365633565.png)
Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000.
The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.
BTC/USD 4-hour chart
-637092127665310483.png)
The RSI suggests that Bitcoin is yet to find a bottom. A drop into the oversold could be a cause for the next reversal above $9,000.
Apart from the trendline support Bitcoin fill seek refuge at $8,500, $8,400 and $8,000.
BTC/USD 1-hour chart
-637092126250758387.png)
Bitcoin selling pressure continues to hinder BTC reversal below the descending trendline resistance.
The MACD bullish cross signifies increasing bullish influence in the near-term but no rapid movements expected.
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