Bitcoin Chart Analysis
Bitcoin has left our downtrend channel to the downside in the last few hours. Volume has only increased slightly on this occasion, so we cannot yet speak of a confirmed breakout. At the moment, we are at around USD 29,600.
The bearish price target of our trend channel is around USD 26,000. However, we should continue to keep an eye on volume for a possible retest. A fakeout (breakout without volume to then rise after all) is also still within the realm of possibility. But what support zones lie below us now, should we fall further?
Possible support zones
At the moment there are exactly 2 important support zones below us. The first significant support is at around USD 28,700. This is where our yearly-open and 2020 ATH lies, and we saw a strong reaction there last time. Also, another support zone lies here to around 28,000 which could also provide a bounce.
If these two zones fail to hold, another sell-off in the $26,000 area would be possible. We should keep an eye on volume and reactions throughout the day. As reported in the last analysis, trading volume has fallen significantly recently and has not risen significantly during the bearish breakout now underway.