BTC Violates Bearish Channel – What’s Next?
Arslan Butt • 1 min read
Fellas, as you know the BTC/USD dropped to an 8-week low, while Ethereum, the second-largest cryptocurrency in terms of market value, plunged to a more than 1-year low over the stronger dollar. The BTC seems to retrace back as it has already violated the bearish channel on the 2 – hour chart.
Technically, the BTC/USD has already come out of the descending channel which was providing it a solid resistance near $6,200. For now, the same level is likely to support bitcoin. The crypto pair is still holding below the 100 periods moving average, which is a sort of a question mark on its bullish reversal.
Below moving averages, investors consider trading instruments in selling trend. Anyhow, the immediate resistance is at $6,620 and $6770. Stay tuned for more updates!