Here we can see that bitcoin broke under multiple support lines. The price fell under the EMA 50, which may serve as future resistance. (blue line) If the price falls under the channel support, then a price drop equal to the height of the channel could occur.
This would be the $8470 - $8420 area.
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There is some hidden bullish divergence that could suggest otherwise, however.
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Also keep an eye out on the falling wedge, and small resistance line.
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A bull and bear scenario...
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Some hidden bearish divergence on the 15m (obviously would be more significant on a longer time scale)
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New downward channel. Testing support again...
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*From a wider perspective* Check out this major support/resistance line on the daily...
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Bulls would love this
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Wheres the volume though?
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Welp! Swing and a miss. It happens! Feel free to check out my longterm take for Bitcoin on the weekly here:
Lets see if the Trendline acting as Support can be broken.
UnknownUnicorn924366
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@Bullandbeartrading, yeah, this was a short-term chart. Got to strikeout sometimes... for my main long-term take, feel free to check this out based on the weekly.