BTC has been unable to breach resistance, going sideways against it. If it continues to go sideways, eventually it will tire out and we'll drop to support; the next supports are around $7700, $6900, and $6300. Although there is no support line around the mid 6000s, it is fully possibly for a rebound around that area due to how cheap it is and close to the bottom.
if you zoom out you'll see the whole situation.
we are currently on the lower edge of this yellow bearish channel, let's see how BTC will react, maybe a little pullback is needed for going through.
NeoButane
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@N3X74R, interesting, thanks for the perspective, I can see that playing out as well. Are those self drawn trend lines? It looks like a Fib channel in the back.
N3X74R
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@NeoButane, all these support and resistance lines was traced only with my eyes, you just need to watch where the price actions react.
userbeauty
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@N3X74R, Thx! Question, At 12,000 BTC broke through the channel. That would be for me a signal to buy some, but then it just plummeted. What would a breakthrough now really mean or confirm, it could just fall back into the channel again...or not.
N3X74R
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@userbeauty, weak movement i think bear is confirmed, back testing the support lines.
userbeauty
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@N3X74R, thx! I wonder what will happen to the volume when binance is back online. That may be a defining hour.
we are currently on the lower edge of this yellow bearish channel, let's see how BTC will react, maybe a little pullback is needed for going through.