FX.co ★ Bitcoin remains under pressure as it approaches June-July lows.

Bitcoin is trading around $33,000 as price continues making lower lows and lower highs. Trend remains bearish as price is still inside the downward sloping channel from its all time highs. Price approaching the June-July lows and the lower channel boundary at $30,000.

The RSI is at oversold levels but with no bullish divergence. This implies that more downside should be expected, but first we should see a bounce. Most probable bounce target is the upper channel boundary around $42,000. Taking into consideration the major support at $30,00-$29,000, it is very difficult to break below this level with the first attempt. Bears will need to see price bounce in order to gather momentum for this low to be broken.