BTC drop for the next 2 or 3 days

By: Ikenna Odunze

August 2, 2022 10:34 PM

According to recent technical analysis, which suggests Bitcoin (BTC) will keep dropping for the next two or three days.

Bitcoin has been in a large bear flag since June, keeping the price in a range/channel. The bulls haven't been able to destroy the bear flag, but not for lack of trying, as they have pushed price to the top of the flag 4 times. And this battle has been on since June.

Looking at the chart below, the price is on it's way to the bottom of the channel, at $21,400, for the fifth time. Should price break the bottom of the channel this time, the bearish move will drive BTC price below $18,000.

In the meantime, traders and investors alike can take advantage of the ongoing drop to $21,400. However, the direction from which the break out from the channel will occur, would determine who wins in the battle between the bulls and bears.