
Home Technical Analysis Bitcoin (BTC) price drops to $27,000, will the decline stop at...
Bitcoin (BTC) price drops to $27,000, will the decline stop here?
October 11, 2023 16:01
Bitcoin Magazine on

Bitcoin (BTC) price is trading inside a bearish formation and has broken below the nearest horizontal support zone. BTC price is expected to continue to decline over the next few days.
Parallel channel ascends
Bitcoin (BTC) price has been rising inside an ascending parallel channel since bouncing from the $25,400 support area on September 11. The move helped BTC price retest the previous key support zone at $28,600 on October 2, a common development after the breakout.
Indeed, the price was rejected on the same day (red arrow) and has been falling ever since. This rejection coincided with BTC price being rejected by the parallel channel's resistance line. BTC price is currently retesting the channel's support line.
Since the ascending parallel channel is considered a bearish pattern, it means it usually leads to crashes in the majority of cases.
A break below the channel would confirm that this rally is just a pullback within the downtrend and the price is expected to drop to the starting point of the rally.
In the case of Bitcoin, it is expected to drop to the critical support zone of $25,400.
The daily RSI is in the process of breaking below the bullish divergence and the 50 level. If successful, it will confirm the BTC trend is bearish.
$BTC
Home Technical Analysis Bitcoin (BTC) price drops to $27,000, will the decline stop at...
Bitcoin (BTC) price drops to $27,000, will the decline stop here?
October 11, 2023 16:01
Bitcoin Magazine on

Bitcoin (BTC) price is trading inside a bearish formation and has broken below the nearest horizontal support zone. BTC price is expected to continue to decline over the next few days.
Parallel channel ascends
Bitcoin (BTC) price has been rising inside an ascending parallel channel since bouncing from the $25,400 support area on September 11. The move helped BTC price retest the previous key support zone at $28,600 on October 2, a common development after the breakout.
Indeed, the price was rejected on the same day (red arrow) and has been falling ever since. This rejection coincided with BTC price being rejected by the parallel channel's resistance line. BTC price is currently retesting the channel's support line.
Since the ascending parallel channel is considered a bearish pattern, it means it usually leads to crashes in the majority of cases.
A break below the channel would confirm that this rally is just a pullback within the downtrend and the price is expected to drop to the starting point of the rally.
In the case of Bitcoin, it is expected to drop to the critical support zone of $25,400.
The daily RSI is in the process of breaking below the bullish divergence and the 50 level. If successful, it will confirm the BTC trend is bearish.
$BTC
