Currently remaining neutral while expecting a big enough move in either direction to either retest the triangle resistance around $9,000, or continue moving downwards towards the bear channel support around $7,500, likely followed by a bear flag breakdown to $6,500. Bitcoin notably got rejected by the 200 Day MA on yesterdays closing candle with current support llined up at the 100 Week MA around $7,750, followed by the 50 Week MA at around $6,750.
My opinion is we'll
eventually test the lower pivots of the triangle and probably the apex ~ $10K as well. I think that'll be true even if this is the start of a new bear market.
Not yet though. Bulls don't look ready. On Bitfinex, shorts are also dropping and longs are rising......a bearish sign. Maybe we'll get some more weak grinding upwards above $8,400 but for any real move up I think we need a spring off a lower low.
