Looking at the chart, Bitcoin is looking unbelievably weak. It has been free falling since $6400 and has yet solid ground. Each time the price action has resulted in bear flag and a fall through support. I believe there are a lot of buyers at $3000 and I will be looking for a bounce at this level. How much of a bounce remains to be seen and will be really indicative of a short-term recovery in price or if it has further down to go.
Comment:
Quick update: I see overhead resistance on both MACD and RSI indicators and the price chart. There is also a potential head and shoulders pattern to be aware of. Be careful if the price fails to breakout above the resistance line. But the price action has been strong today. I could see the price going up to the orange resistance trend.
Comment:
Still bearish in my opinion