Bitcoin broke the wedge and is now heading towards its next support area. MACD and DMI both show bearish signals. RSI shows the coin close to being oversold. This will most likely result in the price stabilising before heading towards the thick green line. This is a trend line valid from when bitcoin was only 1800 dollars.
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The lower support line of the red channel seems to be holding the bitcoin price from falling at an increased rate. However, the Bitcoin price is definitely testing it...
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We are back in our little red channel. Price has tested the resistance line and the indicators show that the price will most likely retest our green support line. If it breaks, next support is between 7k and 8k usd.