Bitcoin (BTCUSD) Trading & Technical Analysis - Forex & Crypto Trading

Bitcoin (BTCUSD) is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency gave a negative signal from the double top formation by the break down through the support at 65614. Further fall to 60766 or lower is signaled. The currency is testing support at points 62000. This could give a positive reaction, but a downward breakthrough of points 62000 means a negative signal. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which weakens the currency and indicates increased chance of a break down. The currency is overall assessed as technically negative for the short term.

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