Bitcoin Price Sideways: Higher Highs and Higher Lows Continue

After breaking out last Thursday, the Bitcoin price managed to tag the key overhead resistance at $82,350 before being rejected. This means yet another higher high has been made. After some more consolidation, can the bulls come back and take out the critical macro high at $82,825?

Price structure morphs into ascending channel

Source: TradingView

The 4-hour time frame chart shows us how the price action has morphed from a pennant/wedge structure into a slightly ascending channel. Could this be the structure that finally allows the $BTC price to break through the key overhead resistance, making a macro higher high as it does so?

As things stand, the price has just fallen below the channel midpoint, so this will become resistance. Also, the price may be about to flip the $79,520 back into resistance. There is a level of support just below at $78,530 which could catch the downward movement, or, what was the top of the wedge (faint dotted line) and now the bottom of the channel could be where the price goes in the short term, either for a bounce, or a potentially bigger breakdown.

… Continue reading the full article at the original source below.