Bitcoin Breaks Trendline Support to Cut Losses in Session
Updated
On Thursday, Bitcoin resumed trading around $34,316 before bouncing back to approximately $34,860. The leading cryptocurrency appears to be trading within a descending channel pattern on the 60-minute chart.
The late recovery on Thursday aided BTC/USD in rebounding above the 100-hour Moving Average. Consequently, Bitcoin avoided entering oversold territory as per the 14-hour Relative Strength Index (RSI) indicator.
From a technical perspective, BTC/USD seems to be operating within the confines of a descending channel formation on the 60-minute chart. The hourly MACD indicator also appears to support the bearish sentiment after completing a downward crossover.
Therefore, the bearish camp will seek to extend the current decline to around $34,316 or lower to $33,716. On the other hand, the bullish side will attempt to capture rebounds around $35,461 or higher at $36,005.
The late recovery on Thursday aided BTC/USD in rebounding above the 100-hour Moving Average. Consequently, Bitcoin avoided entering oversold territory as per the 14-hour Relative Strength Index (RSI) indicator.
From a technical perspective, BTC/USD seems to be operating within the confines of a descending channel formation on the 60-minute chart. The hourly MACD indicator also appears to support the bearish sentiment after completing a downward crossover.
Therefore, the bearish camp will seek to extend the current decline to around $34,316 or lower to $33,716. On the other hand, the bullish side will attempt to capture rebounds around $35,461 or higher at $36,005.
Trade active
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.