Action still heavily favors the bears. We're about to continue a very standard bear flag pattern. We've seen basically no bull volume, so it is very, very probable that the next leg down will continue before too long.
The big support that will break once we pullback further is $7,568. From there, we should be heading down to test the $6,800 support and then the $6,000 floor.
Nothing else major going on. We're still seeing interest going down. Additionally, if you've checked news you've probably seen a slow down in the "Bitcoin to $500k" prediction articles. When we rally, we see the hype and all these predictions. In reality, we saw the bull volume peak with a peak in search interest. So, the buying has slowed down. Combine this with a very overbought weekly chart, and we are looking at pulling back on the weekly to try and establish some longer term support.
Hope you all have a great Thursday!
