$BTCUSD Forex Signal: Descending Channel Leading Price to Support Below $30k
July that we had a very pivotal area of resistance close above in the $31k area but also very firm support just below the big round number at $30k. I was looking for a long trade from a bullish bounce at support. Since then, we have seen the $31k area continue to hold as firm resistance, but we have also seen the price continue to rebound from the supportive area below $30k. However, that area of support is starting to come into question as the price persists in moving down.
It is interesting that while US stocks are taking off, Bitcoin remains unable to break above $31k and stay thereI am still ready to take a long trade today from a bullish bounce at $29,424. However, if the price gets established below that level, it could be very pivotal, and trigger a sharp fall.
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