An attempt that started during the first week of July, has finally succeeded.
Ever since the price broke out of 10,000 Mark, during Mid-June, all we could see is a building up of selling pressure - attempting to drive the price back down.
We could clearly see that, from then on every attempt that is made to take the Price up (beyond the Trend line), is met with a Strong Selling (Marked in red arrows).
After Months of grinding, finally the price had made its way below the Key level of 10,000. Adding to that, we could also see that the Price Sustained below this level for past 2 weeks.
This indicates that the price could further move down. For BTC to regain the pride, it should make its way back to 10,000, and Close Over it. Till then, it's safe to assume that it will continue in its new found trend.
Ever since the price broke out of 10,000 Mark, during Mid-June, all we could see is a building up of selling pressure - attempting to drive the price back down.
We could clearly see that, from then on every attempt that is made to take the Price up (beyond the Trend line), is met with a Strong Selling (Marked in red arrows).
After Months of grinding, finally the price had made its way below the Key level of 10,000. Adding to that, we could also see that the Price Sustained below this level for past 2 weeks.
This indicates that the price could further move down. For BTC to regain the pride, it should make its way back to 10,000, and Close Over it. Till then, it's safe to assume that it will continue in its new found trend.