RATE Group | Bitcoin Fails to Break $7.8K and Now Risks Reversing to New Lows
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Bitcoin Fails to Break $7.8K and Now Risks Reversing to New Lows

30 Nov Bitcoin Fails to Break $7.8K and Now Risks Reversing to New Lows

Posted at 20:18h in Bitcoin News by

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Whereas Bitcoin (BTC) was hovering at $6,500 earlier this week, it has since rebounded to the resistance zone of $7,800 but failed to break it on the first attempt.

Crypto market daily performance

Crypto market daily performance. Source: Coin360

As the short term trend is still upwards, should traders be cautious about the recent price action? Let’s take a look at the charts. 

Bitcoin still inside the downwards channel

The more notable timeframe — the daily in this case  — is still showing a downward trending channel since the top at the end of June 2019. 

BTC USD daily chart

BTC USD daily chart. Source: TradingView

This downwards trending channel is still active as the price bounced back from the “support” line and the 0.618-0.65 golden ratio Fibonacci level earlier this week. 

The green zone around $6,500-6,800 can still be seen as a significant support level here, while the upwards red/yellow area is showing significant resistance. The resistance area is in the $8,000-8,200 zone, which is also around the trendline of the…

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