FX.co ★ #Bitcoin chart analysis

When looking at the weekly timeframe for Bitcoin, the growth of its quotes within the formation of the 2nd corrective wave of a potential ending diagonal still looks relevant. There are several technical signs supporting this conclusion. In particular, it seems that a weekly lower fractal will form around 80,590. Bitcoin quotes managed to bounce back from the MA100 middle line into the current ascending channel, piercing its lower trend line in the process. Additionally, there is a local oversold condition for the asset. Overall, there are enough arguments for the asset to continue its local growth, naturally with limited potential. Once the formation of the 2nd corrective wave of the potential diagonal is completed, the asset's downtrend will continue as part of developing its internal structure.