Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin price cautiously moved down for the last week, with several tenuous rallies in the process. Price broke down the pivot support level at $8600 USD today.
The overall crypto market is still very weak. Until seeing a major break out above the downtrend line with strong volume, it's safe to assume bitcoin still has room to go down. The downward structure looks like a descending wedge, which is a bullish reversal pattern. However, currently, we don't have any bullish sign for the moment.
Horizontal support 2 : 8160 Horizontal support 3: 7650