Bitcoin Stuck in Limbo - Break Below $84K Could Open Path to Deeper Losses
The falling channel on the Bitcoin daily chart, which has been in place since January, is notable. Bitcoin, currently in a steep accelerated correction phase, finds support and resistance at the lower and upper limits of this channel.
Bitcoin, which fell to the $78,000 range in early March, reversed upward after finding support at the lower limit of the channel. Reaching $87,000 this week, Bitcoin encountered resistance at the upper limit of the channel. If Bitcoin, which tested below the $84,000 level today, closes the day below $84,100, it seems likely the downward trend will continue. This level corresponds to the 8-day EMA. If the price stays above the short-term EMA, we may see one more move toward the upside breach of the channel.
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