There is heavy resistance in the high $8000s to low $9000s.
There may be a path above those levels with a bounce off the bottom of the (as of yet incomplete) uptrend channel. Currently, the uptrend channel (blue lines) needs to form a higher low. In the scenario above the purple dotted line shows a possible support level around $7600. If BTCUSD fails to stay in the uptrend channel, I expect much lower prices (all the way down to as low as $6100 and even possibly $5400.)
At the moment what seems to be confirmed is the existence of a downtrend fib channel which should provide support and resistance along the trendlines of the channel as the price drops and bounces.
The volume and Bitmex funding and premiums seem to indicate that Bitcoin is in for a drop in the coming week.
There may be a path above those levels with a bounce off the bottom of the (as of yet incomplete) uptrend channel. Currently, the uptrend channel (blue lines) needs to form a higher low. In the scenario above the purple dotted line shows a possible support level around $7600. If BTCUSD fails to stay in the uptrend channel, I expect much lower prices (all the way down to as low as $6100 and even possibly $5400.)
At the moment what seems to be confirmed is the existence of a downtrend fib channel which should provide support and resistance along the trendlines of the channel as the price drops and bounces.
The volume and Bitmex funding and premiums seem to indicate that Bitcoin is in for a drop in the coming week.
