Yesterday I pointed out that Bitcoin was jumping between two levels and look what happened as soon as it breached the boundary of that trend.
The price went very volatile and eventually, and at the end of the trend, it drifted downwards.
After that move I extended the downtrend line and I've noticed the price was forming a short-term resistance at the $9300 level which I've drawn as a green line.
As you can see, the price is slowing going down by following the trend and between now and Monday will decide if it's time to go below that green line or move above the blue line.
If we zoom out a bit and use the 4 hours chart, we can see the bigger picture better. If we were to continue down, I would expect Bitcoin to first spend some time around the $9100 area but soon dropping even further to the $8600 level.
A trend on the upside is possible, but it will have to stay above $9700 for a full day before I will consider it as a valid uptrend.
See you tomorrow for a new update!
