Bitcoin confinement in a descending channel spells doom for the bulls as target shifts to $7,000. BTC/USD is still seeking a bottom; a reversal from the bottom could easily climb to $14,000. Spot rate: $8,743 Relative change: -67 Percentage change: -0.77% Volatility: Low Trend: Bearish BTC/USD daily chart Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000. The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000. BTC/USD 4-hour chart The RSI suggests that Bitcoin is yet to find a bottom. A drop into the oversold could be a cause for the next reversal above $9,000. Apart from the trendline support Bitcoin fill seek refuge at $8,500, $8,400 and $8,000. BTC/USD 1-hour chart Bitcoin selling pressure continues to hinder BTC reversal below the descending trendline resistance. The MACD bullish cross signifies increasing bullish influence in the near-term but no rapid movements expected. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/JPY ignores trade/geopolitical pessimism ahead of US CPI, Powell’s testimony FX Street 3 years Bitcoin confinement in a descending channel spells doom for the bulls as target shifts to $7,000. BTC/USD is still seeking a bottom; a reversal from the bottom could easily climb to $14,000. Spot rate: $8,743 Relative change: -67 Percentage change: -0.77% Volatility: Low Trend: Bearish BTC/USD daily chart Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000. The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000. BTC/USD 4-hour chart The RSI suggests that Bitcoin is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
