Bitcoin Chart Analysis March.15

Rainy days. Reminder from our last analysis, two days ago: “As of now, it looks as we are struggling to stay above the descending line and the $9,000 support area. Breaking it down will send us to test $8,400 support zone, the next major support area is the $7,800-8K level. The high volume of the sellers (relatively to the buyers) might be a sign that the overall direction is still down.”

Unfortunately, this bear scenario happened, and quicker than expected we are testing the important support level at $7,800-8000. For the very short term, we might see a correction up from here: The sellers force and volume is getting lower (the green arrow on the chart), Stochastic RSI oscillator is at its very low values, and after so many red candles its likely to see some green. But, the overall pattern of the market still looks very bearish, hence, we might see sooner or later testing again the $6,000 levels.

BTC/USD BitFinex 4 Hours chart