FX.co ★ Bitcoin could bounce towards $62,500 soon.

Bitcoin broke below key horizontal support yesterday and is forming lower lows. Price could soon make a bounce towards $62,500 in order to form a lower high. Traders need to keep this pattern in mind as it is very popular.

Green lines - expected price path

Bitcoin has started forming a bearish channel. Price is now at the lower channel property which is support. The RSI is oversold and turning higher. This increases the chances of a bounce towards the upper channel boundary. Resistance is at the upper channel boundary. Bulls need to break above it, while a rejection would be an added bearish signal.