Hello people on Steem! Not even a 10 minutes ago Bitcoin has hit the support zone of 7k again. With my Ta of exactly one week ago i thought Bitcoin was able to push himself through to 9k wich sadly never happened. Bitcoin had many chances to push himself up passed 8.3k but it simply didn't happen. So far the Bears have taken over and they have shown bearish momentum eversince the call was made on the 31th of Juli.
Now 7k seems to be a strong support zone for Bitcoin however Btc is also below many ems such as the 20,50,100 and 200. With the upcoming news about the ETF i feel like this support may show some strenght and create a accumulation phase before moving on. I don't really know if the bears are able to push the price further down since the bulls haven't really shown a sign of strenght yet. The last blue arrow i drew has not yet happened... if the bulls manage to retest 7,2k and stay above it it might indicate a reversal.
We may also not forget about the nearby 0,681 fibonnaci retracement at approximatley 6.8k. I feel like its very likely it can touch that support however i also feel like price needs to have an upward correction before dropping further down. Lower time frames Below the 1H really show some oversold activities and so i can only say be carefull with trading :)
