Bitcoin (BTC) is trading slightly higher early Tuesday (1). However, there are no guarantees that the current jump will continue.

Data from CoinGecko shows that the world's largest cryptocurrency is currently trading at $63,800, with a daily appreciation of 0.3%.

Check out below what technical analysis has to say about future price trends.

Bitcoin will test resistance

Bitcoin has broken below a descending parallel channel that has been in place since September 6 earlier this week. As shown in the image below, the asset appears to have formed a bottom at $62,800.

The Relative Strength Index (RSI) supports this scenario, as the indicator reached 21 on the 2-hour chart – which shows that the price was very oversold.

Bitcoin (BTC) Chart on TradingView

It is worth noting that Bitcoin appears to have broken through the resistance of the 9-period exponential moving average (EMA) (blue). If it does the same for the 21-period exponential moving average (orange), the asset could continue to rise to test the channel's support line at $65.3K.

If this happens, two future scenarios will be in play. The first is an eventual bounce above the channel’s support line. This scenario would indicate that BTC has started a new uptrend, potentially rising towards the channel’s resistance line at $69,000.

On the other hand, if the channel's support line is confirmed as resistance, the price should seek a bottom below the current one, potentially at $59.3K.

The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.