CryptoMarket360
Short

Primary Bearish Trend for BTC Continues

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After the market tried to rally and stalled into 50% resistance ($6,764), the pattern painted a bullish correction in an overall bearish market picture.

The price touched the 50% retracement level last week and found selling interest. As price moved higher the ADX , which measures trend momentum, slipped lower. A weakening trend as price rises is a divergence to say price should stall out. So far this is happening and selling interest should continue this week. The resistance zone of the 50%, the 61.8%, and the red trend line price levels should hold any rally attempts.

Look for the primary bearish trend to persist.

Weekly S/R

Critical Resistance: $6,921.40
Key Resistance: $6,764.60

Key Support: $6,596.61
Critical Support: $6,100.00
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