Just a quick BTC price update: The possible movement we expected on Friday had occurred accurately. Bitcoin tested the long-term descending line, was unsuccessful to break it up, and from there we have suffered a severe drop in 12 hours, losing $1,000 from its value, down to test again the support at $8,400.
From here, the bull scenario is that we had a double bottom, forming a “W” form, whereas on breaking the $9,500 will send us up to $10,300 and $10,800 resistance levels.
The more likely scenario now, is the bear one: Bitcoin breaks down the $8,400 support and from there the way to test the $7,800-$8,000 support area is pretty close. As we can see, the declines are followed by higher volume than the inclines, which indicates that the sellers are stronger than the buyers.
