Bitcoin (BTC/USD) has been in a bearish mode, and recent price action suggests bears are still in control.
BTC/USD 1H Chart
- The 1H chart shows a bearish market that had a bullish moment when price came up from an inverted head and shoulders.
- But, after climbing to $8600, which was like the middle of the previous consolidation structure, BTC/USD fell.
- This respect of previous consolidation as a resistance suggested bears were in charge.
- As price slides back below $8000, we should start looking at the $8400 level as key resistance.
- In fact, it wouldn't be a surprise if a subsequent rebound finds resistance at $8200.
- We are looking at a slide towards the $7500 area. With the 1H RSI extended below 30, we might see a bounce back to this $8200-$8400 area before price continues down towards the $7500 area.