In our previous assessment, we anticipated some choppiness in Bitcoin (BTC/USD) before a subsequent bearish swing. This is exactly what materialized.
BTC/USD 1H Chart
- In the last analysis, we noted a possible push towards the $8800-$9000.
- More importantly, the 1H and daily charts gave different signals so a choppy couple of sessions could be expected.
- We also noted that the bearish signs outweighed the bearish ones, so we thought price would eventually break into a bearish swing.
- The 1H chart shows price dipping towards $8000.
- I think we will see $8000 break as well, but we can anticipate some short-term rebound.
- In the rebound scenario, we should expect resistance at $8300 and at most $8600.
- A subsequent break below $8000 would open up the $7500 area.