Bitcoin has been trading in consolidation mode in past 24 hours but I do expect more downside yet to come.
Blue horizontal lines – Important support levels and next objective targets
Yellow rectangle – Broken support became resistance
Purple falling line – Expected path
My analysis from yesterday is still valid and it even adds more weakness due to no strong reaction from buyers.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.
