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The Bitcoin price is trading inside a descending channel. It initiated a rapid upward move yesterday, which retraced completely afterward. Longer time-frames give a bearish outlook.

The Bitcoin price is trading inside a parallel descending channel. Yesterday, it initiated a very rapid upward move on the back of significant trading volume that reached a high of $7,900.

However, the price retraced by more than 100% and created a long upper wick. Volume was much during the downward move.

The daily chart looks extremely bearish. The price validated the resistance area at $7,900 which previously acted as support. Additionally, yesterday’s candlestick closed bearish and had a very long upper wick, indicating a great amount of selling pressure.

This suggests a continued downward move until BTC makes a lower-low close to the descending support line.

Besides the descending channel, we can see that the price is likely trading in a range between $7,000-$7,900. The lower-lows on Nov 25, which could not be sustained, was a catalyst for the ensuing upward move that led to $7,900.

It would be possible for the price to continue decreasing at the rate predicted by the channel until it reaches $7,000 before initiating an upward move.

However, due to the bearishness of the daily chart, it seems more likely that a breakdown will occur, which would take the price back to the lows of Nov 25 near $6,700.

To conclude, yesterday’s failed upward move has created a bearish sentiment which suggests that the price will make a lower low.

For our previous analysis, click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Shutterstock, TradingView.

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