It was mentioned in the previous post for Bitcoin that the bearish channel (in dotted lines) would be indispensable in monitoring the current bearish price swing.
The 6 hour time frame chart presented in this Bitcoin analysis does show price action consolidating at the bottom of the bear channel at ~4457.50.
Further selling could result in Bitcoin targeting between 3600 and 3000 for support.
Price action successfully testing the bottom of the channel on the other hand could result in resumption of bullish momentum even if temporarily. Possible target for demand to run out is the upper boundary of the channel at ~6000.
The 6 hour time frame chart presented in this Bitcoin analysis does show price action consolidating at the bottom of the bear channel at ~4457.50.
Further selling could result in Bitcoin targeting between 3600 and 3000 for support.
Price action successfully testing the bottom of the channel on the other hand could result in resumption of bullish momentum even if temporarily. Possible target for demand to run out is the upper boundary of the channel at ~6000.
