Despite the trending ETF news, Bitcoin prices fail to display bullish moves over the past few weeks. On the contrary, the downtrend action gains momentum leading to a 4.65% drop over the last three weeks.
The falling trend in BTC price forms a bearish channel pattern in the 4-hour chart leading to a death cross.
The BTC price action in the 4-hour chart shows a consolidation range formation with constant resistance from the 50 EMA. The consolidation ranges between $29,000 and $29,800. This limits the possibility of a bullish breakout to test the confluence of the resistance trendline and the 200 EMA.
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Moreover, the stochastic RSI displays a bearish crossover as the daily RSI remains sideways below the halfway line.
Currently, the BTC price action shows four consecutive doji candles forming at the base of the consolidation range. This projects a crucial signal for a bullish turnaround in Bitcoin prices if the buyers manage to avoid a closing below the $29000 mark.
Optimistically, the bullish reversal will challenge the resistance of the consolidation range and the bearish dominance at $29,800. Leading to a potential breakout, the unleashed momentum can drive Bitcoin price to $31,474.
If the selling continues below the $29,000 support level, the Bitcoin market value will plummet. The downtrend will test the bullish dominance at the critical support levels of $28,500 and $27,767.
Source: https://coinpedia.org/price-analysis/btc-price-analysis-within-in-a-bear-channel-will-btc-price-resurface-above-30k/