Bitcoin Reverses After Failed Breakout Attempt

Share Article
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.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.
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

BeInCrypto Premium - Register for FREE now.

BeInCrypto Premium - Register for FREE now.

Upgrade to continue reading

Register Now!
Share Article

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.

Follow Author

Daily signals, Bitcoin analytics and traders chat. Join our Telegram today!

Let’s Go

A step-by-step guide how to trade Bitcoin profitably

Learn now