Red lines- trading range
Bitcoin was trapped inside a trading range for more than a month. Price broke below the trading range on Friday and price never came back inside. This time the break down was real and price has reached the first short-term target of $25,000 where the previous major low was made in May. Bitcoin is making new lower lows and lower highs in the near term. Bears are in control of the short-term again. Trend has changed from neutral to bearish. As long as price remains below $30,500 Bitcoin will be vulnerable to a move lower towards $19,000.
