BTC is in a downtrend. The structure of the cryptocurrency is a bearish pennant, a bearish continuation pattern. The railroad formation at $6700 around the resistance level on 8th October gave more strength to the bears while they kept pushing the cryptocurrency price down to $6605 above the 50-EMA. This was the first level bears move.
The bulls stage a comeback as expected due to bearish exhaustion denoted by wicks coupled with the hammer formation BTC was back up to $6621.80.
The second level bearish push saw BTC at $6513.50, a breakout from the triangle. The bullish pullback saw the cryptocurrency back inside the triangle at $6639
The third level bears downward push occurred with the 4-hour opening candle at $6630. This was a bearish engulfing candle with BTC dropped to $6252.20. This was a total breakout from the triangle as the bears sustained the momentum downward.
BTC price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 17% with its signal pointing down. These indicate the existence of room for the bears to continue the journey south.
Initial bears target is at $6200. A break of this area and subsequent retest may drop BTC to $6100
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