Bitcoin Price Charts Offer Glimmer of Hope to Struggling Bulls

View Bitcoin has charted a falling wedge pattern on the daily chart.

The prospects of a falling wedge breakout would weaken if the cryptocurrency suffers a channel breakdown on the 4-hour chart.

The slow drip bitcoin price sell-off seen over the last six weeks has produced a bullish pattern on the daily chart.

Still, all is not lost for the bulls, as the lower highs and lower lows created over the last six weeks have converged, creating a downward sloping cone or a falling wedge on the daily chart.

The falling wedge is a bullish reversal pattern, that is, the price will often break above the upper edge of the pattern and rally.

BTC is trapped in a falling wedge - a bullish reversal setup - on the daily chart.

The cryptocurrency has created a minor rising channel inside the wedge, as seen in the 4-hour chart.

The prospects of BTC confirming a falling wedge breakout above $3,450 would drop if the current 4-hour candle closes below the rising channel support of $3,410.

BTC could witness a falling wedge breakout, despite the bearish primary trend.

Bitcoin image via CoinDesk archives; charts by Trading View.