The price of Bitcoin recorded an extremely bearish move in yesterdays price action.
Price broke from a consolidation it had been forming all week between $4075 and $3900.
Price has now broken below another key level around $3670. $3670 was a former breakout point back in December and the low of a range which was established from here.
Some price action managed to break below this range low at $3670 back in late December.
This price action formed a low around $3590 and price is currently finding some liquidity around this point.
After the initial drop yesterday, price consolidated before following up with another bearish drop.
This successfully formed a bear flag pattern which was noted to be a strong possibility in yesterdays analysis.
The hourly chart shows in closer detail how price quickly broke below the key support level at $3670.
We can also see support coming into play at $3590, the lows of late-December candles.
With price currently consolidating between $3670 and $3590, another drop may be the next significant move, but many traders are likely holding out for a higher price before taking short positions.
- Bitcoin executes bear flag in yesterdays price action.
- The bearish drop which took place yesterday broke through two levels – $3900 and $3670.
- Price is currently finding support around $3590 and consolidating between $3590 and $3670.
Latest Bitcoin News:
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|