Previous Bitcoin analysis (underline for website) called for more downside if a break through the bottom of the channel did occur at ~$6,565.10.
The 4 hour timeframe bearish trendline (red color) should be taken note of, so that a close above previous support ($6885.70 and $6,565.10) and breakout above trendline can be used to possibly initiate long (buy) positions.
In the scenario above, entry into any long position would seek to target at least between $8362.20 and $8,656.90.
Meanwhile, $6,190.30 and $5839.30 marks support in this Bitcoin analysis, and a break below the lower boundary especially means more bearish move to the downside.
Overall, the current Bitcoin trend is bearish to sideways at best.
The 4 hour timeframe bearish trendline (red color) should be taken note of, so that a close above previous support ($6885.70 and $6,565.10) and breakout above trendline can be used to possibly initiate long (buy) positions.
In the scenario above, entry into any long position would seek to target at least between $8362.20 and $8,656.90.
Meanwhile, $6,190.30 and $5839.30 marks support in this Bitcoin analysis, and a break below the lower boundary especially means more bearish move to the downside.
Overall, the current Bitcoin trend is bearish to sideways at best.
