BTC has been trading downwards in past 10 hours as we expected. The price tested the level of $8.332. Anyway, we found that sellers didn't lost down momentum and we still expect more downside to come.
Yellow rectangle – Intraday resistance $8.570
Green rectangle – Short-term support and down target $7.990
White lines – Rising wedge pattern (broken)
According to the H1 time-frame, we that there is the breakout of the rising wedge pattern in the background, which is sign for further downside.Our advice is to watch for confirmation of the down trend, which is at least 2 lower highs on the 30M time-frame in order to confirm the bearish trend. The breakout of the swing low at $8.327 wouldbe good confirmation for downside. You can also wait for potential test of resistance at $8.570 and try to sell around that point.
