CRYPTO NEWS - Crypto Market is Back to Previous Levels - BTC is $29,5K - All In RED
CRYPTO NEWS - Crypto Market is Back to Previous Levels - BTC is $29,5K - All In RED
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysys
05:12 Bitcoin Price Prediction
09:34 Outro
Bitcoin (BTC) was rejected sharply yesterday and failed to break out from a descending resistance line that has been in place since March.

BTC has been falling underneath a descending resistance line since April 5. The line has caused numerous rejections which eventually led to the May 12 low.

More recently, the line caused a rejection on June 6. After the rejection, the price is in the process of creating a bearish engulfing candlestick.

An interesting development comes from the RSI. While the indicator generated bullish divergence (green line) right after the May 12 low, the trendline of the divergence is at risk of breaking down.

Also, this potential breakdown coincides with a breakdown from an ascending support line (dashed), which has been in place for the same amount of time.

If confirmed, it could lead to the acceleration of the downward movement.

Short-term BTC movement
The six-hour chart shows that BTC has been increasing inside an ascending parallel channel since May 12. Such channels usually contain corrective structures, meaning that an eventual breakdown from them would be expected.

Besides the presence of the channel and the breakdown in the daily time frame, there are two more bearish signs.

Firstly, the price failed to reach the top of the channel on May 31 and fell below the $31,500 resistance area (red icon) afterward.