Bitcoin price has been chopping back and forth, up and down, since this past June when its parabolic rally was stopped short of retesting its previous all-time high.
While bears have repeatedly failed to push Bitcoin price through critical support, the crypto asset has been clearly locked in a downtrend for the last three months. That downtrend could continue, according to crypto analysts who suggest that important indicators have begun to point downward and are signaling additional downside movement in the coming days.
Important Technical Indicators Suggest Bitcoin Price to Continue to Trend Downward
Crypto analysts are torn over what type of pattern that Bitcoin price is trading inside, with some believing the price action is playing out inside a descending triangle similar to the pattern played out during the 2018 bear market, while others are saying it’s a symmetrical triangle or bull flag that could break upwards.
Related Reading | Bitcoin Price Chart Gives Hidden Bearish Signal on Daily
The one thing they all mostly have in common is the notion that many important indicators have started to turn downward, suggesting that Bitcoin price could continue to drop in the days ahead, regardless of the pattern itself.
$BTC 4hr UPDATE
I saw some falling wedges and inverse head & shoulders at other TA's today but I think they will fail both. We are in a downtrend so better stay short. Nearly all indicators pointing downwards. 3D RSI crossing down 50 first time in a while. pic.twitter.com/lTuYmOzBM6