Over the past 24 hours we’ve seen Bitcoin breaking down the trend line at $8100, down to support area at $7600. This looks almost the same trend line which got broken at $9000 on Mar.14, just 4 days ago. The overall pattern is creating lower highs – which indicates on a bear market.
For the very short term, we might see a correction (Scholastic RSI has crossed and is at its low values) towards the long-term descending trend line at around $8,000-$8,200. But overall, like mentioned here before, we might test the $6,800 support and from there the way to the February 6 low at $5,900 is pretty close.
The market feels the uncertainty of the upcoming G20 crypto talks that might have significant influence.
BTC/USD BitFinex 4 Hours chart