Bitcoin recently broke out from the symmetrical triangle it was ranging in from late May 2021 and early June 2021. Throughout the past four days, the cryptocurrency has continued to test and retest its resisting trendline. With the 200 day moving average weighing down on the price supported by the lackluster volume from the upward price moves, it appears that the cryptocurrency is poised to continue its downward move.
- Should Bitcoin continue to trade below $38,000, the sentiment will be bearish.
- Any breakout above $38,000 may see the instrument test the 200-day moving average around $42,000.