The purpose of this analysis is to provide a quick update on the current Bitcoin price action.
The bullish channel provided in the previous post has been broken to the downside with price reaching a low of 5,558.20.
Further downside is anticipated with the width of the channel serving as a highly valuable guide is estimating where downside momentum might be expected to run out.
Besides, the bearish channel provided in blue dotted lines provides another means of monitoring the current downtrend.
The bullish channel provided in the previous post has been broken to the downside with price reaching a low of 5,558.20.
Further downside is anticipated with the width of the channel serving as a highly valuable guide is estimating where downside momentum might be expected to run out.
Besides, the bearish channel provided in blue dotted lines provides another means of monitoring the current downtrend.
