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Bitcoin finally takes an important step and breaks the bullish trend line below $ 7,000


Bitcoin has finally made a major price move after holding on to a small sideways move above $ 7200. Today we have it falling to $ 6850 just where we have dynamic support at 23% fibonacci. Unfortunately, the fall has lasted longer than normal. When we should have hit the trend line above $ 7000 and started a new bounce over that area.

We now see the strong break in the trend along with the 200 period EMA and set our sights on the pivot point for the week, although we are currently on a support at $ 6850, a rebound on the pivot point at $ 6,600 seems more likely.

Currently we must remain calm, as we are still in a corrective phase, where the price may rebound and continue the upward trend it was leading. If Bitcoin breaks the pivot point downwards, we would already enter a downtrend that could last for several days in the cryptocurrency market, bringing the price above $ 6,400 or less.

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