Bitcoin (BTC) Breaks Down Two Channels Consecutively

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moon333

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2 years ago

In community: Cryptocurrency and Blockchain(7b7f)

Topics: Cryptocurrency, Cryptocurrencies, BTC, Crypto, Blockchain, ...

Hi friends hope you are well, and welcome to the new update on Bitcoin.

Breaking down two channels:
On an hourly time frame, after breaking down an up channel Bitcoin formed another up channel, this time the support of the previous channel was working as a resistance to the new channel. But finally, Bitcoin broke down the second channel as well.

$19.5k support and RSI on weekly time frame:
On a weekly time frame, the leading cryptocurrency has found support above $19500 and RSI has the most oversold value in the history of BTC. Now it has moved sideways, therefore, there is a very high probability that from here Bitcoin will start the next long-term bullish move. But before such move there can be a sideways trend in the weekly time frame.

For a detailed analysis, you can watch the video.

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