Bitcoin failed to conquer the $8600 – $8800 resistance this week and there is a newly confirmed bearish trend on the shorter term. Lets take a look at the chart.
Bearish price action has tested the 8k support twice now on the near term and should it fail to summon the bulls it will soon become resistance. As I mentioned in my previous reports I would consider adding to long positions should we dip into the lower 7k zones.
Momentum is confirming the bearish trend for me at this point, higher risk traders could consider shorting should our current support fail. The volume is still kind of low going into the weekend, I will look out for some action on the markets today.
There are two possibilities today, in my opinion, should 8k step in as support we could see a good bounce here, back into the higher 8k zone, on the flipside should 8k fail I am sure the market will have to consolidate lower before we will witness the return of the bulls.
Longer term speaking I am bullish above $7200, but bearish on the shorter time frame, and looking for a possible bounce. Safe trades!