Bitcoin (XBT) is trading within a descending channel.
- Chart signals are bearish.
- Trend bearish.
There is a bullish divergence with the RSI.
Potential for a reversal in the current zone possible.
Main support $16,500.
Above this level bitcoin can break out of the descending channel and move up (green arrow).
Below $16,500 this analysis is invalidated.
----
4H timeframe
Namaste.
- Chart signals are bearish.
- Trend bearish.
There is a bullish divergence with the RSI.
Potential for a reversal in the current zone possible.
Main support $16,500.
Above this level bitcoin can break out of the descending channel and move up (green arrow).
Below $16,500 this analysis is invalidated.
----
4H timeframe
Namaste.
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