Bitcoin (BTCUSD) is now aiming lower with its next target being $7,700.
We have a setup where a potential bounce could have taken place but our beloved bulls are missing... One thing is clear now though, the falling wedge trendlines have been fully respected and with BTCUSD trading below EMA10, it is very likely that it can go lower.
All of the details are on the chart.
Conditions for change
If the orange dashed line isn't broken and Bitcoin can move and close above EMA10, this setup becomes invalid and a new analysis is needed.
A very strong drop might follow next...
Leave a comment if you have any questions or have anything to share.
Namaste.