BTC has been trading sideways at the price of $7.895. Our bearish scenario is still valid and we expect more downside.
According to the H4 time-frame, we found that bullish momentum continues with decreasing, which is sign that buying looks risky. BTC is in extended run phase and potential pullback is expected. We found the bearish divergence on the slow Stochastic oscillator, which is another sign of the potential pullback incoming. The ADX is going down indicating potential weakness on BTC. Additionally, there is the fake breakout of the high $8.153. Watch for selling opportunities.
Upward references:
Swing high – $8.153
Downward:
Swing low – $7.590
Previous high became support - $7.413
Swing low - $6.834
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