Bitcoin price shows reasons to believe the downtrend will continue. Key levels have been defined, to gauge BTC’s next potential move.
Bitcoin price under bearish control
Bitcoin price is trying to reclaim ground after witnessing another weekend of negative returns. As the monthly close approaches, the bulls have rallied 3% into a broken support zone near $16,500. Despite the upward move, Bitcoin must show much more enthusiasm before sidelined bulls get involved.
Bitcoin price currently auctions at $16,460. The 3% hike has pushed the peer-to-peer digital currency back into a cluster of resistance. The 8-day exponential and 21-day simple moving average hover just above the auctioning price while the previously broken triangle apex hovers near $16,750. The Relative Strength Index is also back at halfway after breaching oversold conditions earlier in the month.
Considering the technical indicators, Bitcoin price needs to display more signals to justify opening along. If market conditions persist, the BTC price could tag the 14,900 level in the coming hours.
Still, there is always a possibility that the bulls could take charge of the trend Invalidation of the bearish thesis could occur if the bulls can produce a daily closing candlestick above the triangle apex at $16,750. A daily settle above the barrier could be the price action sidelined bulls are looking for in order to target liquidity levels near the upper bounds of the triangle’s range at $17,600. Such a move would result in a 9% increase from the current Bitcoin price.