Bitcoin (BTC) breaks below the downward trend line and forms a “pullback selling” pattern. What will happen to the price going forward? — Chart analysis October 19

From October 16, Bitcoin (BTC), which shifted into a range market, continued to move without a clear direction until October 18. However, today on October 19, it once again breaks below the downward trend line that had been formed since early September after briefly breaking above it. The decline of Bitcoin, which showed selling rallies against the trend line, was sizable for a time and broke below the range market that had been in place since October 16. We will review Bitcoin's chart.

Bitcoin (BTC), which briefly broke through the downward trend line, then faced selling rallies and fell out of the range market

We will look at the BTC/JPY 15-minute chart. From October 16 to 18, resistance hovered in the 730,000 to 731,000 yen range and support around 719,000 yen, showing no clear direction. In the 12:00 JST period on October 18, after entering the range market, it touched the resistance line for the third time.

However, BTC could not break through the resistance line again and fell back, and after the decline, some movements appeared where the downward trend line acted as support, with several candles forming long lower wicks. Yet selling pressure remains strong, and today, October 19, it again breaks below the downward trend line.

※ Continuation is here