Bitcoin weekly downtrend, targets 6800-7000
Bitcoin is still in a weekly downtrend consolidating at major support at the 55 EMA. Consolidating on major supports makes the support more likely to breakdown. We have rejected from the yellow 21 EMA, and the 21 EMA and red 10 SMA have downward slopes, indicating more sell pressure down. Trade below last week's low at 7765 and we will most likely begin the next leg down to 6800-7000 price range
Bitcoin's consolidation in the summer was a 3 month descending triangle which still has a measure move down to 6800, the next major liquid zone that aligns with the cyan 89 EMA
Weekly stochastic is still down trending and finally about to enter the critical zone.
Weekly RSI is held beneath the trend line resistance, below the RSI EMA, and on the edge of the bear control zone.
Bitcoin's consolidation in the summer was a 3 month descending triangle which still has a measure move down to 6800, the next major liquid zone that aligns with the cyan 89 EMA
Weekly stochastic is still down trending and finally about to enter the critical zone.
Weekly RSI is held beneath the trend line resistance, below the RSI EMA, and on the edge of the bear control zone.
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