RATE Group | Bitcoin (BTC) Price Analysis: Is That a Shallow Bearish Channel?
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Bitcoin (BTC) Price Analysis: Is That a Shallow Bearish Channel?

31 Jul Bitcoin (BTC) Price Analysis: Is That a Shallow Bearish Channel?

Posted at 12:03h in Ethereum News by

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Bitcoin appeared to make a downside break of the consolidation pattern previously highlighted, but bulls rushed in to prop it back up. Price now seems to be forming a shallow bearish channel on the 1-hour time frame as it made lower highs and lower lows.

A test of the resistance is currently happening and a return in selling pressure could take bitcoin back down to the bottom at $7,800. Stochastic looks ready to turn after dipping briefly into overbought territory, indicating that selling pressure is about to return.

RSI, on the other hand, is treading sideways on middle ground to signal further consolidation. This could also keep bitcoin trading slowly inside the channel while waiting for the next set of catalysts.

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, there’s a chance for an upside break of resistance. However, the gap between the moving averages is narrowing to signal weaker bullish momentum and…

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