Bitcoin (BTC) Price Analysis: New Bearish Channel Forming

Bitcoin is starting to trend lower since last week’s selloff, creating a descending channel with its lower highs and lower lows on the 4-hour time frame. Price is down to the mid-channel area of interest after recently bouncing off the resistance. A break below this near-term floor could spur a slide all the way down to the channel bottom at the $3,00 major psychological mark. The swing low at the $3,200 level could also attract some buyers. The 100 SMA is still above the longer-term 200 SMA for now to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for support to hold and spur a bounce back to the resistance at the $4,000 handle. However, the gap between the indicators is narrowing to signal weakening bullish momentum. A bearish crossover could encourage sellers to pile on and carry on with…

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