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Bitcoin analysis: BTC channel movement shows downward refraction

Bitcoin saw a 4-hour candlestick that broke down its channel movement since early December. Thus, we see that the sales pressure on BTC / USD has been continuing since November 30th.

Bitcoin price analysis
The BTC confirms that the latest fall candlestick continues its November 25-29 rise. Bitcoin, which retreated to $ 7.097, is now at $ 7,160. Although some recovery may seem, sales pressure is still on the agenda. So much so that the correction from the recent upward momentum has broken the Fib 0.50 level ($ 7.190) . While this price was in support for Bitcoin yesterday, it is now an important level of resistance.

The upward movement may see significant resistance at $ 7,190 . Given that the trend direction is down, we can see that sales can accelerate from this point. If sales positions increase, Bitcoin’s next support level is $ 7,030 . Following this level, the BTC / USD parity may go below $ 6,800 .

If Bitcoin finds buyers in the $ 7,190 -7,030 range, it can move towards the EMA 20 (currently $ 7,300), a key dynamic resistance task . However, a 4-hour closing above $ 7.190 is required for this move.

Technical indicators for Bitcoin (BTC)
When we look at the important technical levels for Bitcoin, we see that they reflect the downward pressure deeply. While the RSI is at 36, the stochastic RSI, a derivative of this indicator, has turned its direction south and is moving towards the oversold territory. As the Stoch RSI’s signals have not yet reached below 20, the bearish trend may continue for some time.
The ADX indicator, which measures trend strength, confirms the direction of decline, indicating that the momentum’s strength is slowly increasing.



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