Trend warriors gather!
Bitcoin (BTC/USD) has seen enough demand to push it into a potential resistance area.
Will OG Cryptocurrency Extend Its Losses This Week?
Bitcoin (BTC/USD) 4-hour chart Planned by TV
Over the past few days, Bitcoin (BTC/USD) has seen enough demand to push the pair back to the $28,400 region.
But the downward force has been very strong across the region and BTC/USD is now trading below the $28,000 mark.
Will rejection at $28,400 lead to more losses for BTC?
Trend traders who are confident that BTC/USD will remain inside a descending channel can sell at current levels and target the May lows under $26,000.
Not convinced that BTC/USD can extend its downtrend?
Look for a clear breakout above the trend line we identified.
Moving averages can also provide clues.
The 100 SMA remains below the slower 200 SMA for now but watch for signs of moving averages pointing and possibly crossing higher looking for signs of a continued uptrend.
If the BTC/USD pair breaks above the channel, then you are eyeing the $29,000 and $30,000 areas of interest as potential targets.
what do you think? Can BTC/USD sustain its bearish trend?