Bitcoin (BTC) is falling this Monday (30), with technical analysis patterns indicating that the worst is yet to come.
BTC is trading at $63,500 at the time of writing, down 3% daily according to CoinGecko. Check out what could happen to the cryptocurrency below.
Bitcoin loses rising channel
Bitcoin has been trading inside a rising parallel channel since September 6, as shown on the 4-hour chart below. However, that all changed in the past few hours as the asset fell below the patternâs support line at $64.6K.
Bitcoin (BTC) Chart on TradingView
To make matters worse, the trading volume during this decline was relatively higher than that seen during previous candles. This shows that sellers are gaining strength, potentially intensifying the current downtrend.
The 2-hour chart is even more bearish. On this timeframe, the 9-period exponential moving average (EMA) (blue) has crossed below the 21-period EMA (orange). This shows that BTC is trading at increasingly lower levels in the short term.
To make matters worse, the Relative Strength Index (RSI) is below 50, which shows that sellers are in control of the trend.
Bitcoin (BTC) Chart on TradingView
Therefore, everything indicates that Bitcoin should continue to fall towards the nearest lows, at US$ 59.2 thousand and US$ 57.6 thousand, respectively. On the other hand, returning to trading within the rising parallel channel would indicate that buyers have regained control of the trend.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
