Recovery in Doubt as Bitcoin Price Drops Out of Bullish Channel

Bitcoin is painting a less bullish picture than 24 hours ago, following a drop out of an ascending price channel.

Stepping back, the leading cryptocurrency picked up a strong bid at $6,200 on Oct. 31, keeping the crucial 21-month EMA support intact. Further, it witnessed a symmetrical triangle breakout earlier this week, suggesting that bulls had come out victorious in a tug of war with the bears.

More importantly, the breakout looked legitimate as the technical indicators turned bullish. Notably, the relative strength index rose to a three-month high of 59.00 yesterday, signaling strong bullish conditions.

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