Graph Here - https://i.imgur.com/7JSMPwp.png

The past week has seen a fairly consistent range between the $232 and $248 levels, with movements breaking past the $243 level but failing to stay above it. The price can only stay within such a range for so long, especially since Bitcoin has not been the most historically stable. With no strong rally in the past week, the likelihood of the price staying above the $232 is weakening.

It is definitely surprising for the price to have been supported by the $232 level for as long as it has, given the amount of rebounds that have occurred. Currently we are seeing yet another bounce, this time off the $240 level and 200 hour moving average, this does not exactly indicate a bearish move in the very short term but it does represent a degree of upside weakness in the correction of the past 24 hours.

What we are seeing in the market is not a definite signal of a price drop, only a very strong probability of the long term bearish trend continuing. Further bullish movements are possible, however unless we see a strong and consistent break of at least the $243 level, the likelihood of such a scenario is minimal. What we are seeing is a type of market condition that favours the bears and the next main price target is towards the $222 level

(Feel free to also check out this analysis of yesterday’s price drop, it contains some broader perspective on the past week’s movements - https://www.tradingview.com/v/RMLjnTLj/)