BTC/USD Still Bearish – Selling on Rallies is Possible

BTC/USD has formed a bearish pattern, exactly as we covered in the previous BTC/USD analysis. As we can see on AxiTrader’s NextGen platform there is a clear downtrend in the BTC/USD.

The price is trying to retrace towards next cluster of resistance. POC zone is within 6670-6760 , watch for bearish patterns and rejections within the zone. A successful rejection will target 6500, followed by 6370. A clear close below 6370 will target 6125. As long as the price is kept below 7200, bears should have the upper hand. This is a clear downtrend with a breakaway gap.

Many green pips,
Nenad Kerkez aka Tarantula FX