Bitcoin settled below $19k again; what’s the technical perspective for the cryptocurrency market?
For the BTCUSD cryptocurrency pair, we see the formation of a significant downtrend, which moves inside a large green channel.
We see that the price gradually decreased in the upper green area for a long time. Touching the resistance line of the green channel, the price went into a reversal. The last section of the chart describes a small yellow channel.
Shortly, the decline in the direction of the lower yellow line may continue. Perhaps the bears are targeting the support level of 18407.60, which is located on the lower wall of the yellow channel. If this level breaks, the cryptocurrency may depreciate to the next support level of 12651.20, located at the lower green line.
Alternatively, market participants may observe an increase in the price to the upper green line and the resistance level of 19307.78. If this price level is broken, the bulls can bring the market to a higher resistance level of 20089.51, located on the upper yellow wall.
An approximate scheme of possible future movement is shown on the chart.
If the bearish trend is confirmed, it is recommended to consider opening sales deals. If a bullish trend prevails in the market, it is possible to consider opening deals for purchases.
