Crypto YouTuber says Bitcoin is in a strong horizontal channel by CoinEdition

• Crypto YouTuber Daan de Rover analyzed Bitcoin’s price over several time frames.
• Bitcoin is consolidating in a pronounced horizontal channel during the 4-hour time frame.
• A confirmed breakout on any side of the horizontal channel will determine Bitcoin’s new trend.

YouTube cryptoanalyst Daan de Rover, under the pseudonym Crypto Rover, has provided an analysis of the possibilities of price development for Bitcoin. Daan analyzed Bitcoin’s price action for various support and resistance levels over multiple time frames.

Using the 4-hour time frame, Daan revealed that Bitcoin was consolidating sideways in a pronounced horizontal channel. The channel is bounded by significant support and resistance on both sides. As long as the Bitcoin price remains within this range, there is no clear indication of its future price movement.

The Bitcoin enthusiast narrowed it down to the 1-hour timeframe to show that Bitcoin is already developing a downtrend, evidenced by a rejection at a descending trendline connecting successive lower highs. He further confirmed the downtrend on the lower timeframe, which corresponds to lower lows. He said that a continuation of the rally experienced earlier in the year can only be confirmed with a break above the descending trend line.

Returning to the 4-hour time frame, Daan noted the development of a new consolidation phase consisting of lower highs and higher lows. He considered the combination across the timeframes and the various phases of the price action to conclude that it was time to wait for a significant breakout before confirming a new trend.

Daan emphasized that the most important chart formation remains the horizontal channel in the 4-hour time frame. All the other chart formations can provide a short-term direction for the Bitcoin price. However, a confirmed breakout on either side of the horizontal channel would lead to a significant price shift that could affect Bitcoin’s value for an extended period of time.

Specifically, using the daily time frame, Daan explained that the bullish momentum appears to be coming to an end. He predicts that there could be a marked decline in the price of Bitcoin before another significant rise.

Disclaimer: The views and opinions, as well as all information shared in this price forecast, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post Crypto YouTuber Says Bitcoin Is in a Strong Horizontal Channel appeared first on Coin Edition.

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See the original at CoinEdition