Bitcoin did drop in the past 24h, exactly what I expected yesterday. Both our yesterday's targets at $9,250 and $9,050 are met and there is strong downside pressure for more downside. BTC traded all the way to $7,900 and most recently is trying to find some balance. I do expect potential small rally back to 20EMA and then another move lower. New down levels and targets are set at $7,500 and $6,645.
Blue horizontal lines – Important support levels and next objective targets
Yellow rectangle – Broken support became resistance
Purple falling line – Expected path
MACD oscillator is showing good new momentum down in the background and I do expect at least move lower. Support levels are seen at $7,900, $7,500 and $6,650. Resistance levels are seen at $8,800 and $9,500.Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Selling opportunities are still preferable.
