Daily Trend timeframe showing price continuing it’s normal downtrend, with no signs of slowing down on the higher timeframes. Price broke out of it’s bearish continuation flag at $7,500 and is currently testing our major support zone $6,700. Stochastic RSI continuing to show bears are in full control. Expecting a drop towards our major psychological support at $5,000, however we have room towards the with major support levels at $3,000 and $1,500.
Conclusion Although this drop may seem like a bad thing for most, it’s actually very healthy for BTC to be correcting this “extreme” the run from $1,000 to $20,000 with no joke and if we want to see Bitcoin continue to succeed we must see it go through it’s cycles just like any other market in order for it to flourish… * In the meantime stack up on FIAT and wait for BTC to find major support with a confirmation, the next bull will be even faster than the last one.