It has been a tough trading week for the bitcoin enthusiasts.
The last time that we analysed the price of Bitcoin we were expecting to see a minor correction. As it appears, the price just slowed down its momentum for a bit and then continued the uptrend.
BTCUSD is currently standing on 8100, just shy of the 8,000 level. It is currently very hard to say which way the price of Bitcoin will take.
One thing is clear though and it is that the price is currently locked between the two boundaries of 8400 and 8000.
One potential scenario is that the price slows down a bit the momentum and goes back to 8,000, where it picks up some more buyers.
A secondary scenario is that the price goes even further down to the 7,600 level, where the major support is standing. From there, the price might probably bounce back to where it is currently standing and even surpass that level.
From a daily price action point of view, there was an inside day that formed yesterday.
As you can see from the daily chart screenshot above, there was a bearish rejection day, followed by an inside day. This is usually a bellwether for bullishness, but I would like to see a support level confirmation first.
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