TheChartGuys

BTC Bears with Another Leg Down

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Not surprising to see another leg down as the last bounce attempt rejected 5 times from the top of the bounce.
The bounce just cooled off hourly and 4 hour RSI to give space for further downside.
EMA resistance on the 4 hour will be key for the bulls to look to shift momentum back in their favor.
Scouting for a daily higher low to form and give us a tightening equilibrium range.
Next support down is $6,000 as there is limited previous price level support.
Odds of a weekly bear flag will be favored as long as all the tops at $6,800 remain.
Risk to reward does not favor bearish entries down here for those late to the bear party.

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