Bitcoin Still Trading in Bullish Channel Despite Price Support Break: Analysts

Posted on by American Coins & Gold

Bitcoin Still Trading in Bullish Channel Despite Price Support Break: Analysts
Bitcoin’s broader outlook remains constructive regardless of the recent pulldown. The cryptocurrency fell below the support level of $57,653, the Oct. 23 low, which has opened the doors for a deeper pullback.“There has been an 18% drawdown [from record high], but we have been here several times before, in Sep and Jun this year,” Lennard Neo, head of research at Stack Funds, told CoinDesk in a WhatsApp chat. “Bitcoin is still trading within the upward channel.”Mumbai-based crypto asset management company, MintingM, said that the cryptocurrency is still in a clear uptrend, making higher highs and higher lows on the daily…