The “weaker” $8,500 (near 200 day MA) resistance mentioned in the previous post proved to be a nut too hard to crack. The bulls gave up after several attempts. They also couldn’t defend the $7,700 support (the bearish MACD crossing on a daily chart).
The price is being pulled towards $6,800 support (near 50 day MA). I don’t expect bitcoin to bounce until it reaches that area. I expect the RSI to drop further down to the value around 40 or lower.
Once there I expect a short consolidation period followed by a decisive move. Going bellow means we’ll find a new bitcoin bottom probably around $5,000.