BTC fell in the early hours of the morning today (GMT) and whilst the general trend looks bullish with Bakkt coming, the outlook is bearish for now.
On the chart, I have presented clear support and resistance lines, as well as a long profit position. Bitcoin has reached that $9,400 position multiple times since late June, and it will be no surprise if we see a dump to that level in the next week. $9,400 is a temporarily strong support, but only because it lines up with the level presented on the descending triangle. We have declining volume as well, which can be a hint of bullishness. However, this is occuring in a range. Volume tends to only matter if the price action is outside of a range (in this case, if volume increased whilst we broke out of the descending triangle, it would be bullish).
Next day: Bearish
Next 7 days: Bearish
Next 30 days: Bullish
On the chart, I have presented clear support and resistance lines, as well as a long profit position. Bitcoin has reached that $9,400 position multiple times since late June, and it will be no surprise if we see a dump to that level in the next week. $9,400 is a temporarily strong support, but only because it lines up with the level presented on the descending triangle. We have declining volume as well, which can be a hint of bullishness. However, this is occuring in a range. Volume tends to only matter if the price action is outside of a range (in this case, if volume increased whilst we broke out of the descending triangle, it would be bullish).
Next day: Bearish
Next 7 days: Bearish
Next 30 days: Bullish
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