Bitcoin: Working out realistic chances of BTC holding its immediate support - Aliens: AI Crypto News & Markets Updates
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Bitcoin: Working out realistic chances of BTC holding its immediate support

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AMB Crypto

Sat, Jul 02, 2022

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Aliens TLDR

With the bears capping the buying rallies at the $21.6K-mark for over two weeks now, Bitcoin [BTC] steeply slumped in the last five days.

The near-term trajectory revealed a bearish edge.

Given the current setup approaching the month-long trendline resistance (white, dashed), BTC could continue its ongoing bearish trend.

The broader bearish leverage saw an uptick after the bulls failed to uphold the $28K support.

On the flip side, an immediate revival could slam into the trendline resistance or the 20 EMA before falling back into its bearish track.

A revival from the 36-mark could help buyers delay the bearish moves.

In light of the bearish pennant approaching the month-long trendline resistance, BTC could see a near-term setback on the charts.

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