Daily BTC price review for education purposes only.
Price
Following from yesterday's review (here) the BTC price attempted a small rally (above $7,000) at the rising trendline support however has now fallen back and is trading at about $6,600.
The current price action indicates weakness and threatens further downside.
BTC is currently again testing the support provided by the rising trendline (ascending green thick), however due to the lack of immediate buyer response to this level, the probability is on the side of a further breakdown to the next support level at $6,000. Being a horizontal support level (as opposed to a trendline) the $6,000 is less subjective.
Volume
There has been sustained trading volume at the consolidation price levels ($6,500 - $7,300) which is a good sign that this area is one of interest to traders and might create some structure from which the price could project.
The On-Balance-Volume (OBV) indiciator continues to weaken and cannot break the downtrend, indicating sellers are still in control: a higher high and higher low may break this trend, but is yet to happen.
Bias
A bear-neutral. I wouldn't be surprised if the price declined further to about the $6,000, where I expect increased price volatility, either to the upside, where I'd be looking for completion of a definite reversal pattern, to go long, or to the downside, where I'd back away from the market and go bargain hunting beginning at the $5,000 level.
However it could all change tomorrow.
Until then,
Bobby.
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