Bitcoin Appears to Have Reached the Seeling Zone: Is the BTC Price Confirming the Bearsih Pattern?

The post Bitcoin Appears to Have Reached the Seeling Zone: Is the BTC Price Confirming the Bearsih Pattern? appeared first on Coinpedia Fintech News

As the weekend approaches, the market participants appear to have become vigilant, as the bulls have become active since the previous day’s trade. As the Bitcoin price heads towards the lower threshold, the buying volume has intensified. This has prevented the price from reaching lower support at once, but the trend remains under bearish influence. Therefore, the price continues to remain poised to reach support regardless of the interim bullish push. 

The short-term price action displays that the BTC price has reached a decisive phase and a significant price action is expected to occur in the next few hours. After rebounding from the lower support, the token maintained a strong ascending trend and despite a rejection from the local resistance, the bulls remain poised to reclaim the daily highs just below $60,000. 

The token remains stuck within an ascending trend line within a bullish triangle. The stochastic RSI is initiating a bullish cross, indicating the beginning of a fresh ascending trend. Therefore, the BTC price is expected to reclaim $60,000 anytime from now on. However, the concern over sustainability remains the same, as the buying volume remains close to a lower threshold. 

On the other hand, the price is trading in the descending parallel channel not only in the short term but also in the long term. Although this could be cause for concern, the short-term variations could be squashed in a while. 

The BTC price has been slipping below the Gaussian channel, which is about to certify the start of a fresh bearish pullback. Besides, the MACD remains unchanged as the levels are close to validating a bullish crossover. Therefore, the upcoming weekend may have a major impact on the BTC price rally, as a sustained rise above $61,500 may trigger a bullish weekend; otherwise, a drop below $57,000 may drag the levels closer to $55,000.