Bitcoin’s bearish momentum has been weakened after an impulsive crash leading to a short-term consolidation. However, another sudden move to the downside might occur if the negative sentiment intensifies, driven by external forces again, pushing the market below the current support level and closer to $15K.
On the other hand, the yellow trendline has served as a mid-term resistance for the price. The trendline has recently rejected BTC, initiating the leg down to the $17K level. Nevertheless, the channel’s mid-trendline, the 50-day moving average, and the mentioned level are the main obstacles on Bitcoin’s path to higher price channels.
On the other hand, the yellow trendline has served as a mid-term resistance for the price. The trendline has recently rejected BTC, initiating the leg down to the $17K level. Nevertheless, the channel’s mid-trendline, the 50-day moving average, and the mentioned level are the main obstacles on Bitcoin’s path to higher price channels.