Bitcoin (BTC) Price Analysis: Where Bulls Are Waiting

Bitcoin broke below the short-term support levels at the triangle and rising trend line, so bulls might need a larger correction before sustaining the climb. Price is still inside a new ascending channel forming on the 4-hour time frame and a test of support might be in the cards.

This channel bottom lines up with the $6,800 level and former resistance, which might hold as support moving forward. It’s also near the 200 SMA dynamic inflection point.

On the subject of moving averages, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This confirms that the uptrend is more likely to resume than to reverse. However, bitcoin has tumbled below the 100 SMA dynamic inflection point to signal a bit of bearish pressure.

RSI is also heading lower to signal that sellers have the upper hand, but the oscillator is dipping into oversold territory to reflect exhaustion. Turning back up could bring buyers in, possibly allowing the…