Will Bitcoin [BTC] continue finding fresher levels? The answer is…

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Bitcoin [BTC] has recovered decently in its up-channel trajectory since the beginning of July. However, the $23.8k-$24.4k resistance range evoked a reversal and brought down the king coin to confirm a patterned breakdown.

The ongoing selling pressure has inflicted a bearish flip on the EMA ribbons. With the $20.8k-level reflecting reversal tendencies, the buyers could aim to close beyond the $21.6k hurdle in the coming sessions.

A close above this hurdle could position BTC for near-term upside before a likely bearish reversal.

At press time, BTC was trading at $21,399.

Source: TradingView, BTC/USD

After facing up to its December 2020 lows in mid-June, the buyers have shown some resilience over the last two months. As a result, BTC jumped above its four-month trendline resistance and flipped it to support.

A nearly 32% ROI during this phase has helped BTC jump above its EMA ribbons on the daily timeframe.

At the time of writing, BTC was striving to recover from its recent up-channel breakdown. Should the $20.8k-level uphold its value in investors’ minds, the coin could see a sluggish phase near its Point of Control (POC, red). In this case, the potential targets for the coin would lie in the $22.5k zone.

However, with the 20 EMA looking south after the bearish flip on the ribbons, the sellers would aim to constrict the bullish advantage. Also, recent selling volumes have exceeded the near-term buying pressure. Any drop below the $20.8k-level could hint at a selling sign.

Here, the sellers could provoke a pullback toward the $19.8-zone before any revival hopes.

Source: TradingView, BTC/USD

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