BTC Violates Bearish Channel – What’s Next?

Fellas, as you know the BTC/USD dropped to an 8-week low, while Ethereum, the second-largest cryptocurrency in terms of market value...


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.

BTC/USD - 120 Mins 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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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