BTCUSD Bearish Breakout Confirmed, Currently in a Pullback
Last week, price fell sharply to the downside to as low as 6200. Since breaking the trend channel, price has been in a pullback. Look for another sharp to the downside as sell-off resumes.
Trade Step-ups:
Scenario One (Bearish Reversal): Price resumes sell-off, potentially pushing price back down to 6100. Nevertheless, price could hit 6400 before resuming its bearish reversal.
Scenario Two (Bullish Breakout): Price pushes back up above 6500 level to re-test key resistance. Look for a potential breakout and consolidation above 6700.
Trade Step-ups:
Scenario One (Bearish Reversal): Price resumes sell-off, potentially pushing price back down to 6100. Nevertheless, price could hit 6400 before resuming its bearish reversal.
Scenario Two (Bullish Breakout): Price pushes back up above 6500 level to re-test key resistance. Look for a potential breakout and consolidation above 6700.