The Bitcoin (BTC) price saved a breakdown with a significant bounce on May 25. The price is now in the process of breaking out from a corrective pattern.
Despite the breakout attempt, it is more likely that the price will decrease again to complete the correction before continuing its upward trend.
Bitcoin Saves Breakdown With Bounce
The technical analysis from the daily time frame shows that the BTC price has traded in a descending parallel channel since April 14.
The descending parallel channel is considered a bullish pattern. As a result, a breakout from it is the most likely scenario.
On May 12 and 25, the BTC price seemed to break down from the $26,800 support area and the middle of the channel. However, it bounced both times (green icons).
Then, it decisively reclaimed the area. Currently, the BTC price is attempting to break out from the channel’s resistance line.
The RSI gives…
