Bitcoin’s recovery attempts are still being judged against a larger structure that has controlled price action for months. An interesting technical analysis of the daily candlestick timeframe chart shows that Bitcoin is still following a descending channel, with every major rebound failing near the upper diagonal and every major sell-off finding a reaction near the lower boundary.
The latest rejection around $83,100 in May has now become the main focus, and Bitcoin is now moving back into the lower half of the channel, where the final bottom could be waiting.
Bitcoin’s Descending Channel Still Controls The Bigger Trend
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Eight months into a correction path defined by lower highs and lower lows from $126,000, Bitcoin is showing no signs of deviation. The daily candlestick chart shows Bitcoin has transitioned into a broad descending channel that has stayed intact for these eight months.
The upper boundary has acted as resistance each time
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