🚸Price of Bitcoin has #continued to consolidate and has been #showing more bearish signs than bullish on 1H timeframe.🤦🏻♀️
🚸Bearish confirmations include a breakdown from descending triangle, showing our $8,100 support is not strong enough. Currently we got a little bounce from 200 EMA and fib 0.618 with a relatively long wick through these levels.👍🏻
🚸If we can not stay above these levels and be bullish, we shall brake 200 EMA which is a Strong bearish confirmation and we are likely to go and retest the $7,500 area, which has acted as a strong level, coincides with downtrendline since 5th of March and fib 0.236 level. If we do get a 1H candle close under 200EMA and inside the red box right below it, there is a high probability for a short-term correction to $7,500 levels.🙌 Enjoy new update