BTC is trading lower exactly what I expected last week. The BTC has reached our main downward target at $7,750. I found strong rejection of the support at $7.750 and most recently there is test of the resistance at $8,210, which is sign that buying looks risky.
Red rectangle – Important resistance levels
Green rectangle – Important support and objective
Purple falling line – Expected path
Bitcoin is still trading in the consolidation phase and most recently there is the test of the key short-term resistance at the price of $8,210. I do expect potential pullback to at least $8,053, which might be an intraday scalp play. Watch for potential selling opportunities on the rallies as long as the resistance at the price of $8,210 is holding.
