- Bitcoin is moving lower on the hourly chart below.
- For the BTC/USD price to break higher the trendline needs to break.
The Bitcoin price action has moved into this almost perfect downward channel on the hourly chart.
The 9K level is the only thing to have stopped the price breaking lower as it has been a very strong support zone.
Over the last couple of hours, price action has been very choppy with some erratic movements on the Coinbase exchange.
This is reflected by the volume profile indicator as a new peak has formed near where the price is currently at the moment.
On the higher timeframe, Saturdays spike higher is still in focus but the BitMEX data issues and general sentiment weakness are pushing prices lower today.
Share
