Bitcoin remains inside the downward sloping wedge pattern. As we noted in previous posts, the inability to break above $8,000-$9,000 would lead price to a break of support and a push towards the lower wedge pattern boundary. The target area was around $6,000.
Bitcoin remains in a bearish trend. Price is heading towards $6,000 where the lower boundary is found. Price should soon make a new low and it would be very important to see what the RSI does. I expect to see a bullish divergence and at least a bounce in price. Trend changes on a break above the upper wedge boundary. Each time price touched the lower boundary of the wedge pattern, prices bounced at least for the short-term. Resistance is found at $7,300. Wedge pattern resistance is found at $7,800-$8,000.
