Markets Technical Analysis

Bitcoin Reverses After Failed Breakout Attempt

By Valdrin Tahiri
Updated by Kyle Baird
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In Brief

  • Bitcoin has fallen below the $9,300 support area.

  • The price is trading inside a long-term descending channel.

  • BTC is trading inside a short-term parallel ascending channel.

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On July 9, the Bitcoin (BTC) price created a bearish engulfing candlestick and fell back inside the descending channel it had just broken out from. This is a sign that the breakout was not legitimate and the price is likely to head lower. Bitcoin Bearish Engulfing Candlestick On July 8, the Bitcoin price increased above the resistance line of a descending channel that had been in place
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Valdrin Tahiri

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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