Cryptocurrency
Trading Bitcoin: $7k Support Fails
Daily In yesterday’s article, we noted that price had a high probability of crashing on our current daily 9. Sure enough, $7k support failed and price fell to $6.7k. Weekly On the weekly chart above, Bitcoin is still traveling in the downward sloping parallel channel. It is notably that price has broken below both moving […]
Daily
In yesterday’s article, we noted that price had a high probability of crashing on our current daily 9. Sure enough, $7k support failed and price fell to $6.7k.
Weekly
On the weekly chart above, Bitcoin is still traveling in the downward sloping parallel channel. It is notably that price has broken below both moving averages and is now back to a red 5. Furthermore, sequential theory is telling us that it is likely we will have 4 more weeks of neutral to downward price action before a potential reversal.
Conclusion
Bitcoin is still in a bearish posture traveling down the downward parallel channel. Until price can break above this descending trend line, the trend will likely continue. Current support stands at $6.6k while resistance, in theory, should now be $7k.