Forex_Academy
Short

Bitcoin failed to reach the confluence area

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Price increased but continues to be under some selling pressure on the short term as long as it is trading below the SL of the ascending pitchfork .
The rate has shown an oversold signs when it has faield to reach and retest the downside line of the down channel .
You should know that the perspective remains bearish as long as the rate stays within this channel. A valid breakout above the confluence area formed between the SL with the upside line would have signaled a an acceleration and a quick increase. A failure to escape from the minor descending channel could send the price further down. The major downside target remains at the 150%.
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