Bitcoin technical analysis: BTC/USD bulls ignore the slump to $7,400 to focus the potential rally

  • Bitcoin bears ruthlessly forced Bitcoin through key support levels to refresh lows around $7,400.
  • The short-term trend remains bearish but bulls remain optimistic of a potential end-year rally.


Spot rate: $7,598

Relative change: -16

Percentage change: -024%

Trend: Bullish

Volatility: Expanding

BTC/USD daily chart


Bitcoin price forms yet another falling triangle pattern giving investors hope that recovery is very possible.

The MACD returns into the negative region; the bearish cross signals the high presence of sellers.

BTC/USD 4-hour chart


Bitcoin's lower low pattern continues as bears explore how deep the rabbit hole goes.

The formation of a double-bottom pattern suggests that Bitcoin’s recovery in brewing.



Source: https://www.fxstreet.com