Bitcoin Price Key Highlights1. Bitcoin price seems to be trending lower on its short-term time frames, creating a new descending channel visible on 2. Price is currently testing the channel resistance around the $2750 level and could be due for a drop to support.
3. Bitcoin is still moving above a rising trend line on the longer-term charts but appears to be having trouble sustaining its bounce.
Bitcoin price could be starting a new downtrend as bears wrestle to regain control and push for a break below an area of interest.Technical Indicators SignalsThe 100 SMA is below the longer-term 200 SMA on this time frame so the path of least resistance is to the downside. Also, the 100 SMA lines up with the channel resistance, adding to its strength as a ceiling. A quick pop higher could still find resistance at the 200 SMA dynamic inflection point at $2800.
Stochastic is on the move up to show that there’s still some bullish pressure left but the oscillator is nearing the overbought zone to reflect rally exhaustion. If buyers book profits around these levels, a dip back to the channel support at $2550 could be underway.
RSI is treading sideways to suggest that further consolidation could be underway. As highlighted in previous articles, bitcoin price is sitting right on an area of interest at a rising trend line and former resistance zone.
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