So once again Bitcoin is on a critical point in which holds two possible scenarios. Continue downward movement to the next strong support around 6.7k level or rebound back to the resistance at around 7.4k. Its still in an ambiguity creation scenario to say where it is heading but from the above two scenarios testing the 6.7k is more likely the one to happen. Both 50EMA and 89EMA are above the price and still not showing any huge impact on the price the last two days. RSI is at around 41. By this if the 50MA continues and price keeps falling, then price should find support at the next support level around 6.7k range.
Conclusion : A further price drop from the current level is the most likely scenario however that changes if the 50MA become under the price to hold the price up we might see another leg up towards the 7.4k "Bears" teritory.
Conclusion : A further price drop from the current level is the most likely scenario however that changes if the 50MA become under the price to hold the price up we might see another leg up towards the 7.4k "Bears" teritory.
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