Previous and current Bitcoin analysis is provided on a 4 hour timeframe.
Price action between resistance ($8,656.90 and $8,362.20) and $5,757.60 is identified as a horizontal channel for Bitcoin.
This implies that more sideways movement can be expected between both extremes until there is eventual resolution in price action (bull or bear). A bullish price channel captures the sluggish movement of price action from August 14, 2018 to current and is crucial for monitoring further development.
A break below ~$6,565.10 especially means that price returning back to and moving below $5,757.60 cannot be ruled out. On the other hand, a break above the upper line of the channel could see Bitcoin advance towards current resistance.
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