Bitcoin Volume Going Lower, Breakout Next?

Bitcoin volume continues going lower and even though we have quite a few bear signals coming from the chart, BTCUSD is still consolidating sideways and trading safely above EMA10.

This is our view of what can happen next with Bitcoin.

The bears have tried to push Bitcoin's price down without any luck and even though Bitcoin seems exhausted, it has been holding pretty nice lately.

There might be another failed attempt to break to the upside, so Bitcoin can retrace and try again.

On a sudden retrace, there are multiple levels that offer Bitcoin support. First, we have $7770 on the lower time frames, followed by $7440. If the drop is strong, then we look for $6999 next, which is the low from the 17th May red candle.

The lowest on a flash crash we would see is $6400 before we have to look for additional information. This is just one of the most bearish scenarios that don't seem very likely at this point.

Most likely Bitcoin will retrace a little bit to try again and break the last high. If $8,400 - $8,500 can be broken with good strength and volume, then you can expect BTC to visit straight almost to $10k, around $9999...

Where do you think Bitcoin is headed?

Share your thoughts in the comments section below...

Thanks a lot for reading.


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