During recent hours BTC had reached $9000, but could not rise above the resistance level and turned downwards. After the formation of a head and shoulders pattern, it broke back to the support around the $8600. The broad chart show weakness – Stochastic RSI indicator points down, and there is a substantial chance of a returning towards the $7800. Breaking of the $7800 will lead us to the $7600 and back to the $6000 area. We’ll keep you updated.
We are still positive for the short term, as long as Bitcoin finds support above the trend line.
BitFinex BTC/USD 1HR Chart:
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