Yesterday, July 10, the price of Bitcoin was in a bearish trend as it retraced from its recent high of $6,719.30 to test the bullish trend line. The cryptocurrency had tested and broken the trend line thus ending the previous bullish trend. Today, the Bitcoin price has a bearish outlook as price fell to the previous low of $6,253.31.
The bullish setup will complete on a breakout and close above $6,953.38. The pattern target of such a break out is $7,996.11.
Once the BTC/USD pair breaks out of the downtrend line, it will become positive and might climb to $8,560 and thereafter to $10,000.
Conversely, if the bulls fail to hold $6,250, a fall to $6,075 is probable. Below $5,900, the next support is at $5,450, hence, the stops for the long positions initiated at $6,650 should be kept at $5,900.