Bitcoin Price Action Analysis: The Bulls Are Losing Control
In the BTCUSD weekly chart above, price broke out of $6900 support zone aggressively to the downside.
Since then, the price has been trending slowly to the upside with the bodies becoming smaller and leaving upper wicks, showing that the momentum is fading.
Price is currently trading at the previous support and testing as new resistance and we see a small rejection candle.
The bulls are really losing their control and price has the potential to move down towards the previous low.
What's your thought on Bitcoin? Let me know in the comment.
Since then, the price has been trending slowly to the upside with the bodies becoming smaller and leaving upper wicks, showing that the momentum is fading.
Price is currently trading at the previous support and testing as new resistance and we see a small rejection candle.
The bulls are really losing their control and price has the potential to move down towards the previous low.
What's your thought on Bitcoin? Let me know in the comment.
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