XBTUSD price has been experiencing the downwards tendency for several month already.
The decline in Novemner was one of the most substantial recent movements that resulted in $7400 support level breakout and further rebound from the bottom border of the downwards range.
Currently, the price is consolidated around $7400 level with the potential to retest. If so, the further price targets are the bottom border of the range (yellow line) and then $5700 level.
On the other side, if the resistance is broken out the price is likely to test the upper border and the level of $8500.
The decline in Novemner was one of the most substantial recent movements that resulted in $7400 support level breakout and further rebound from the bottom border of the downwards range.
Currently, the price is consolidated around $7400 level with the potential to retest. If so, the further price targets are the bottom border of the range (yellow line) and then $5700 level.
On the other side, if the resistance is broken out the price is likely to test the upper border and the level of $8500.