While Bitcoin went north of $66k in late October, the past couple of weeks have not bared much fruit for the world’s largest altcoin.
Should its RSI, Squeeze Momentum Indicator, and DMI continue on their bearish path, BTC would likely revisit $56k on the back of a downwards breakout.
Following a 70% pickup in October, Bitcoin seemed to be forming a symmetrical triangle after snapping two lower highs and two higher lows.
Immediate resistance and support levels of $63,000 and $61,000, respectively, would contain BTC as the symmetrical triangle extends shape.
In case BTC weakens below $60,000 at any given point, bears could find momentum to initiate further drawdowns.
While a neutral bias is maintained, short-sellers can quickly jump on board if the RSI weakens below 45.
Although it is too early to call for a breakout prediction, market observers have to be vigilant over the coming days.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.