Bitcoin Price Stuck into Downtrend Channel
There is downtrend channel on Bitcoin Price chart coming from all time high level. Bitcoin price touched the bottom line of this channel after touching 107K. We may see price reversing on Bitcoin price chart after touching the bottom line of this channel.
Here you can see daily chart of Bitcoin price and moving average. Bitcoin price broken down 100-day moving average a few days ago. This is why We saw price dump pn Bitcoin price chart. I shared a few analysis about this moving average and showed what happened before when Bitcoin price broke down this moving average..
Here you can see the indicators on daily chart of Bitcoin price. There was big bowl pattern on RSI Indicator. We can say that it is broken down. We should see new pattern on RSI Indicator. We have seen lots of bowl patterns on RSI Indicator. The last one completed at the half of this pattern.
MACD and Fisher Indicators are trying to find the bottom to reverse up. They may find the bottom in a few days.
We should see new pattern on RSI Indicator. 200-mobing average may be great support for Bitcoin price chart. We may see touching this moving average to be supported.
We will see..
Wow, @chorock, your technical analysis of Bitcoin's current downtrend is incredibly insightful! The way you've broken down the daily chart, highlighting the downtrend channel, moving averages, and RSI patterns, makes it so much easier to understand potential price movements. The visual aids with your charts are also fantastic. The observation about the 100-day moving average breakdown and the potential support at the 200-day moving average are particularly interesting points to consider. I'm eager to see how these indicators play out in the coming days. Thanks for sharing your expertise! I'm sure many Steemians following the crypto markets will appreciate your analysis. What are your thoughts on the potential impact of external factors (e.g., regulatory news) on these technical indicators?
Here following your analyses closely.