Technical Analysis for BTC

So, what is the chart telling us?

1. We have busted down through an old uptrend line from October, invalidating the uptrend already.

2. We are still in the downtrend channel we have maintained from 20k downward- and we recently bounced off the top of the channel.

3. Stoch RSI is high-ish and falling. So the momentum has swung from buying to selling and it seems bears are not out of steam yet.

4. We are currently testing the 20 day average, which is the middle line of the Bollinger Band. It is currently serving as weak support.

5. We recently bounced off the top of the band, and as you can see the bottom is somewhere between 6k and 7.85k- I believe the bottom will move up a bit more.

6. The old 2016/17 uptrend line may be our bottom, but it has not been tested at all yet. If we break down through 7850/7750, I would expect that we will test this line.

Conclusions?

I believe we are still going down, and we need to get into the 9278-9150 zone to see if that support area will hold. If this area fails to hold, the next downward target will be the 7850-7750 zone. After that, the old uptrend line, which will be around 6800-7000.

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