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Market Update: Bitcoin Starting a New Push Lower?

July 1, 2021
by Joseph Jeffriess, Market Analyst

Hi traders, today we’re looking at Bitcoin’s daily chart as sellers look to be starting a new push lower.

Price set a new LL today, this has started to confirm an ascending triangle pattern that has resistance as its roof. Price continues to put pressure on the counter-trend. Buyers face two levels of resistance and sellers face long-standing demand if they maintain the move lower today.

Overall we can still classify price as a consolidation with today’s pattern being an inside pattern. A new downtrend point has also lined up but isn’t confirmed until sellers hold a move lower.

Bitcoin Daily Chart

If sellers want to get the downtrend back on track it’s easy, break the demand area. If buyers can reverse today’s selling and close above 36,200 this could be a warning of a change in short-term momentum.

All times are AEDT.