Around the time of publication, bitcoin US dollar ($BTCUSD) price action remained within a descending bearish medium term channel (colored in purple in the above chart) and prices are still stuck just below its upper resistance line.
A break above that descending bearish resistance line may trigger buying momentum to carry prices towards $4480.
Bitcoin $BTCUSD prices need to break above $4480 in the next few trading days to regain the steep bullish channel that had started from the September 15th low (it could be said to still be within this channel depending on how precise your trendline is to ≠1-2° (views are my own).
A failure to breakout of the upper resistance line may cause a steeper drop along the remaining formation line of a medium term head and shoulders pattern. Therefore, unless an upside breakout occurs, lower highs and lower lows may follow and keep prices stuck in the bearish downtrend until support is tested just above $4000 over the next week.
BTCUSD
A break above that descending bearish resistance line may trigger buying momentum to carry prices towards $4480.
Bitcoin $BTCUSD prices need to break above $4480 in the next few trading days to regain the steep bullish channel that had started from the September 15th low (it could be said to still be within this channel depending on how precise your trendline is to ≠1-2° (views are my own).
A failure to breakout of the upper resistance line may cause a steeper drop along the remaining formation line of a medium term head and shoulders pattern. Therefore, unless an upside breakout occurs, lower highs and lower lows may follow and keep prices stuck in the bearish downtrend until support is tested just above $4000 over the next week.
BTCUSD
