Will BTCUSD break out of the sideways trend today?

We will see another test of the red dashed upper borderline of the down channel and the support line S1 at 8486. The sideways trend remains intact until the support level S1 will be broken.

There is a target of the double top formation at 6852. The overall sentiment remains bearish as long as BTCUSD is below Pivot point.

Comment:

I wondered why we see such a long sideways movement at this level before a breakout to the downside. A breakout to the downside would cross the 200 MA, which would be a clear bearish sign. Bulls and bears are involed into a heavy battle about the future direction of Bitcoin.

If support level S1 will be broken, targets 6852, 7600, 6000 and 5511 come into reach.

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Comment:

Support S1 at 8811 is broken. BTCUSD is on its way to test support S2 at 8486. As the red dashed upper borderline of the down channel and support S2 are very close together, I expect that these two lines cannot be broken within the next few hours.

Comment:

S2 level and the red dashed upper borderline of the down channel are broken. Bitcoin is now heading down towards 7600, 6000 and 5511.