Bitcoin: Bearish Signal and When to The Moon?

The price broke the uptrend line and the support line of the triangle. It is a bearish signal, and if you are a buyer, be ready to see a new attempt to reach 6500.00 and 6000.00 support.

In spite of this solid bearish signal, the market still has a chance to develop an upward movement. For this, the price needs to stay above 7100.00 level. It is the previous important swing low. We can see the sideways movement for some time between 7100.00 support and the main downtrend line. If the price reaches 7100.00 and bounces, it will give us a new buy opportunity.

The breakout from the descending price channel will be able to give us a trend reversal signal and the beginning of a new uptrend.