$BITCOIN - Situation Has Changed to Bearish :(

Meanwhile, we saw an upward spike which purpose was to liquidate those people who held SHORT positions. This pump has perfectly reached the first resistance level which is located at the $8800 level (we wrote about this level in the previous update), after which the price fell down to the zone above the support inside the channel - $8430. However, the price was not able strong enough and this zone was broken, which is a very bearish sign.

Currently, as you can see, all the arrows on the chart are directed downward. We can expect a re-test of the $8430 level with the following decline. Targets for this dump will be $7935 & $7700 (horizontal supports). Moreover, there is descending support, which can be considered as the target as well.

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Want to mention that the price come out of the ascending channel and now located between two important levels: $8295 and $8460. Breakout of one of these levels will set a local trend.

If we talk about probabilities, dump is in priority, as the price has broken the down-edge of the ascending channel and we saw a short squeeze spike.