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Bitcoin rebounds despite a declining downward trend

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Bitcoin rebounds despite a declining downward trend


The downward trend is confirmed

I already told you about it in my last analysis, but it now seems pretty clear that the Bitcoin (BTC) is ironed in a downward daily trend.

In large scale, the situation remains relatively neutral. Bitcoin is still in its great range, and it will be imperative to pass under $ 8,600 to trigger a lasting decline.

Bitcoin in its bearish channelBitcoin in its bearish channel

However, Bitcoin has been going down for a month now. We can clearly see the course evolving in a bearish channel and the exponential moving averages 9 and 18 now clearly indicate a daily downward trend.

However, note that the long-awaited explosive recovery is still not happening. Currently, Bitcoin is simply evolving towards the middle of his range, certainly in a downward trend for a few weeks, but still in a large lateralization phase.

The important point to watch will be the passage of $ 8,600. A simultaneous breakout from the bottom of the range, Ichimoku’s SSB and the bottom of the channel would be an extremely powerful bearish sign, and there will no longer be any doubt about the nature of this move.

The $ 8,600, decisive support for BitcoinThe $ 8,600, decisive support for Bitcoin

Currently, the course remains under many resistances : Tenkan, Kijun, SSA for Ichimoku, but also under the resistance of $ 9,250. This is located in the middle of the range, and previously played the role of support.

If a new test of the Kijun or the top of the channel is not to be excluded, the logic seems to go towards a new fall in the next few days. This could easily bring the course to the key point of the $ 8,600.

Volatility has not yet returned to BitcoinVolatility has not yet returned to Bitcoin

The bollinger bands are still flat and the nonexistent volumes. You will have to be ready for a high volatility and high intensity candles if the breakout is confirmed.

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A bullish rebound underway?

Following a bullish divergence on the MACD, we could speculate on a bullish rebound.

This one is still current, the course evolving these last hours in a small bullish channel. For the moment, the course seems to come up against the SSB 4H as well as on 50% retracement.

Bitcoin in H1 and H4Bitcoin in H1 and H4

However, the canal still holds, and the dynamics remain bullish in 4H and 1H. The RSI keeps its supports and does not show a bearish or diverging sign for the moment.

In the event of a bullish continuation, the level of the $ 9,400, where the 61.8% retracement, horizontal resistance and Kijun Daily.

In the event of a breach of the $ 9,100 level, we can speculate on a bearish recovery. In this case, it is likely to see the price plunge to the key support of $ 8,600.

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In conclusion

Bitcoin continues to slide within its bearish channel. Now under a lot of resistance, it is likely that the BTC will continue its fall to the decisive level of $ 8,600.

A break would then give an accelerator to its fall. In the short term, a return to the $ 9,400 or even at the top of the channel cannot be excluded. However, it is important to understand that this does not affect the daily trend.

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About the Author : Cryptanalyst

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First interested in cryptocurrencies, I then became passionate about trading and technical analysis. Today, I share my analyzes and knowledge on my Youtube channel as well as on Twitter.
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