BTCUSD; Pattern of lower highs/lower lows continues
Bears brought another blow to the market as a lower low is pursued after a lower high set at 8644 recently. This means they still have short-term control over this market.
The only way to end this momentum is to see market breaking this pattern, i.e. bringing price over that lower high. For now a newly drawn bearchannel sees the market at the low end, around 7400/7375 today. Also, it stands for the last Fibonacci (78.6%) and the midpoint of the larger bullish candle which started the previous run up (green arrow).
This may see a bit more effort from bulls but the old 7900 support can now see resistance. The top end of the bearchannel resides around 8420 today and is next resistance. Both levels are candidates for the next lower high but as said, moving over the latest lower high (8644) signals a change in sentiment.
Should market fall below the bearchannel downside risk extends to 7030 and 6750. It may be wise to await a higher high in this market before entering.
The only way to end this momentum is to see market breaking this pattern, i.e. bringing price over that lower high. For now a newly drawn bearchannel sees the market at the low end, around 7400/7375 today. Also, it stands for the last Fibonacci (78.6%) and the midpoint of the larger bullish candle which started the previous run up (green arrow).
This may see a bit more effort from bulls but the old 7900 support can now see resistance. The top end of the bearchannel resides around 8420 today and is next resistance. Both levels are candidates for the next lower high but as said, moving over the latest lower high (8644) signals a change in sentiment.
Should market fall below the bearchannel downside risk extends to 7030 and 6750. It may be wise to await a higher high in this market before entering.
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