FX.co ★ Bitcoin forms bearish channel.

Bitcoin is trading below $58,000 price level. Price is making lower lows and lower highs. Price has formed a bearish short-term channel.

Bitcoin has so far made a low around $55,530. There is no bullish divergence by the RSI. As long as price is inside the bearish channel we remain bearish looking for a move lower. The upper channel boundary resistance is at $59,300. Bulls need to break above this level and stay above it in order to take over the short-term trend.