BTCUSD - Back below the neckline

Bitcoin price action has broken the neckline yesterday evening, but overnight the bulls couldn't hold it and price is back below the 11200ish neckline. This is very common, we cannot expect the neckline resistance breach in the first attempt.

This upward channel is not perfect but the support has been held twice and bounced back up, We are outside of this channel now.

We might see a small entrancement to nearest support level which is 10800 or recent swing 50 ot 61 fib which matches with the support zone. MACD also is crossing over to the downside which can come to a little lower.

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Disclaimer:

I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.