BTC, short-term $9020, wick to $8920, possible drop to $8440

As last post suggested we broke down off the top of the now 4day descending channel with double resistance strong arming an already weakening price trend. With the current downward trajectory there will be chance for some support to bounce BTC back up starting @ $9140 in an attempt to re-engage resistance. I wont pretend I didnt see that insane $400+ price swing, perhaps a failed attempt to break upward here by big pockets.

It seems more likely we will break down to bottom of channel over the next 24 hours, bottom being around $9020 with potential wick to $8920. There is an additional horizontal support/resistance line that is starting to form around the same bottom that will likely assist in recovering from bottom of channel.

If it breaks below $8900, there doesn't seem to be anything to stop it from hitting the current ascending trendline around $8440. This trendline runs approximately $1000USD above the very strong bull, 5 year ascending trendline as outlined in some of my other long-term outlook charts.

Though I see likelihood of (short) downtrend here and even the slight possibility of touching the 5 year trendline again as an absolute bottom, overall these downward trends are natural downtrends within a larger bullish formation. We are looking for it to give proof we are in an overall uptrend by beating last Junes high of $14k and of course super bull, 6 figure long-term bullish if we pass our ATH of $20/21k.

This is not investment advice, you should do you own research always. Also I would like to encourage you to consider our site for some of your research. We are partnered with Tradingview to deliver our data (Still in beta) in the same beautiful framework you are used to here. Historical and real-time order books often signal ahead of price action, its kind of a hidden gem.

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