The flagship cryptocurrency is being infected with the danger of bearish movement time and again. After the recent crackdown of China on the mining facilities, the volatility increased vehemently on the market. However, despite the bearish candlestick pop-up on Monday, it has managed to move upwards. The range that Bitcoin has entered now is going to stay for a long while.
There is also a short-term uneven triangle that could launch a reverse trend. After the emergence of a bearish signal, the flagship cryptocurrency attempted to recover. It was still unable to move out of the red trenches on Tuesday. Good news for bulls came in when the moving average convergent-divergent (MACD) did not park into a bearish alley. This phenomenon proved to be a boost as well as the bullish tangent stochastic oscillator.
In terms of short-term merging Bitcoin price value, the graph seems to move within a symmetrical triangle. The data for the last six hours shows that the resistance lines do not have sufficient taps. At present, the technical indicators are pointing are indifferent. The MACD is near-zero levels, while the Relative Strength Index is in a meandering motion treating 50 at the center.
The RSI is used to measure the magnitude of change in the price value for any asset and is used to figure out the oversold or overbought positions. At the current stage, it can be said that it is showing an undetermined trend. Usually, the symmetrical triangle formation is also a sign of neutral activity.
The data from TradingView indicates that the wave counts for Bitcoin fall into a gray area. The presence of a triangle redirects the X wave to a corrective structure which is insufficient to form an opinion. It can be deduced that Bitcoin may be trying to procure a new support line at a higher price point.
The possibility cannot be ruled out in terms of possible reactions of the waves. The resistance from the descending resistance line may give rise to a breakout. This breakout will validate the highs of a new wave and its sub-wave. The last expected bearish counts that showed a possible bottom of $19K have been ruled out now since the strong downward movement has failed after a channel breakdown.