For an entire week…Bitcoin still stuck below $22,000 resistance
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Answer For an entire week…Bitcoin still stuck below $22,000 resistance
Bitcoin has been trading within a bullish parallel channel since June 18th.
The movement inside the channel led to a high of $25211 on August 15th but the price was unable to continue to the upside.
On August 20, Bitcoin rebounded from the horizontal support area of $20900 and the support line of the channel and rose to the level of $22,000 and then traded below it since then until now (at the time of publication).
RSI encounters resistance:
Despite the bounce, Bitcoin is still trading in the lower half of the channel.
Additionally, the six-hour RSI was rejected by the 50 line (red dot) and started moving downwards.
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When combined with the fact that channels usually contain corrective movements, the increase is likely to be corrective in the end.
If the price breaks below the $20900 area and the channel support line, it may continue to decline to $19,000 and maybe even lower.
Bitcoin short-term movement:
The 2-hour chart shows that Bitcoin has broken out of the descending resistance line (dashed).
However, the bitcoin price failed to sustain the bullish movement and could not even reach the 0.382 Fibonacci retracement resistance level. This is a sign of weakness as the breakout failed to lead to any significant upward movement.
Additionally, the entire trend that led to the breakout was contained within an ascending parallel channel.
As previously described, these channels usually contain corrective movements.
A breakdown from the short-term channel is likely to cause the price to fall back below the long-term descending resistance below $19,000.
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