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Bitcoin Price Analysis: Trapped in an expanding sideways channel

Bitcoin Exchange CEX.IO

Bitcoin’s sideways roll continues with downside capped by key support. 

The digital currency recoiled from above $9,400 three times in the last 24 hours but sellers are still unable to punch through the support at $9,188 (former resistance of January 19 high). 

The cryptocurrency is trapped in an expanding sideways channel, as seen in the 15-minute chart below.

Bitcoin has printed a minor rising channel within the larger sideways channel. 

From here, a conniving move above $9,455 (channel resistance) would suggest a continuation of the rally from $8,250 and expose $9,586 (November 4 high). 

Bitcoin Exchange CEX.IO

Alternatively, a push back below the ascending channel support would allow a drop to channel support placed at $9,165 at press time. 

A channel breakdown would shift risk in favor of a drop to $8,800

The post Bitcoin Price Analysis: Trapped in an expanding sideways channel appeared first on BitcoinPrice.com.



Source: Bitcoin Price Analysis: Trapped in an expanding sideways channel

Bitcoin Exchange CEX.IO

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