The post Bitcoin ($BTC) records another lower high – are lower lows coming? appeared on BitcoinEthereumNews.com.

The Bitcoin ($BTC) price is on the way back down after recording the latest in a series of lower highs. Could this be a roll-over, down from the top of nearly $100,000, or is this just a period of consolidation and accumulation before going much higher? Third successive downward day for Bitcoin Around 2% down early on Monday, the Bitcoin price is on its third downward day since hitting $98,200, which failed to make a higher high. In fact, the $BTC price has been rolling over since almost hitting the all-time high on Friday 22 November. We are now into December, and this slight downward trend has not been arrested yet. Could it continue, or will the U.S. Spot Bitcoin ETFs, Microstrategy, and all the various institutions adding Bitcoin to their treasury, force the price back up again? Bitcoin price traverses inside triangle Source: TradingView The short-term time frame for $BTC is not showing signs of any heavy downside to come – at least not yet. The price is in a triangle, formed by  the series of lower highs, but countered by the higher lows. The price has fallen below the 0.382 Fibonacci for this latest move, and is currently heading down to the 5.0 Fibonacci. If it falls below this, the major Fibonacci supports of the 0.618 and the 0.786 await below. There is also the bottom trendline of the triangle to act as support.  Looking at the bottom of the chart, the Stochastic RSI is coming down to the bottom, and once the 8-hour and the 12-hour Stochastic RSIs also come down to their respective bottoms, the bounce would potentially be primed, if not already happening. Could this next bounce have the impetus to break though the top of the triangle? Considering that Bitcoin usually does not wait…

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Filed under: News - @ December 2, 2024 1:27 pm