Bitcoin Price Action Not Looking Pretty

Looking at the daily chart of bitcoin it is hard to get excited at the moment. The only positive thing about price action is that things are rather oversold on all the indicators.

Otherwise, we are flirting with a breakdown on the technicals.

Support breached and Uptrend broken....for now

https://img.leopedia.io/DQmNN5aD3wNHLSjfwwJcr795Fjmww51vPtV7kFh2ds9fFGJ/image.png

Looking at the chart you can see price is below that 91-92k area support. Additionally the ascending channel that price had been in since Nov' 2022 has been breached. Heck, even the descending channel price has been in since the ATH has breached to the downside.

Selling has been rather aggressive, not sure if it will run out of steam, but it is definitely in a scenario where a bit of a relief rally is due.

We shall see. Next downside support area is probably the 82-84K area. Of course if we get one nice green candle and close above 92K it already would make alot of this look different.

Posted Using INLEO