Our previous Bitcoin prediction is coming true, as the price is coming back to the previous support at $8,200-$8,300. Buyers tried to provoke the growth of the cryptocurrency market, however, that was just another correction before continuing to move down. The pressure from the bears has not weakened.
On the 4H chart, Bitcoin remains trading within the downward channel. However, the price is unlikely to drop fast to the area below $8,000.
An additional signal, in this case, will be a test of the trend line on the RSI indicator. Earlier, one already observed regular price rebounds and a drop in quotations at the moment when the indicator values reached the level of 75. Now the values are located near the level of 50, so the current area does not look interesting in favor of falling directly from current levels.
However, if bulls do not manage to reach $9,000 in a few days, BTC will drop to $7,600.
On the 4H chart, Bitcoin remains trading within the downward channel. However, the price is unlikely to drop fast to the area below $8,000.
An additional signal, in this case, will be a test of the trend line on the RSI indicator. Earlier, one already observed regular price rebounds and a drop in quotations at the moment when the indicator values reached the level of 75. Now the values are located near the level of 50, so the current area does not look interesting in favor of falling directly from current levels.
However, if bulls do not manage to reach $9,000 in a few days, BTC will drop to $7,600.
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