BTC has been trading sideways at the price of 8.300. I still expect more downside movement and potential test of 8.072 and 7.7750.
Red rectangle – Resistance
Greene rectangle – Support levels
Purple falling line – Expected path
Bitcoin is still trading in the trading range regime and consolidation mode. Anyhow, there are patterns that suggest more downside. Most recently, I found the potential head and shoulders pattern in creation, which might lead BTC downside. The breakout of 8.200 will confirm eventual test of 8.072 and 7.750.
Major resistance is seen at 8.800.
