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BTC at critical level,holding above 8400 for a possible reversal

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Hi, guys, the market is in a gloomy mood. Pump and dump have occurred from time to time for the last two weeks. Overall, BTC price has gone through a measured downtrend movement for the time period which is not friendly to traders, because not volatility means no trading opportunities.

So any hope of a turnaround this week?

Let's walk through the technical picture first.

The weekly chart looks bearish as the push-up that happened at the end of October has almost vanished, topping at 10500. And bearish pin bar generated in the last weeks clearly indicate selling force has overrun BTC .

Daily Chart is very weak, with an orderly slide to 8400 over the last two weeks, whereas no quick slump shows the market is not panic anyway.

RSI comes down to 40, sitting at the trendline .

So, in the daily picture, BTC is not oversold and may still have some downside room until the panic price movement crop up. Anyway, $8400 is a very critical price level. Once broken, the bear will definitely push the price down close to 8000. Low volatility indicates the ongoing choppy move may soon come to an end.

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