Bitcoin 8,000 target has been achieved.
Since March 7th breaking back within the channel and 10,000 failing as support, 8000 has been the next significant target where price found minor support at the 200-day moving average. However, the intraday price action (1-hour chart below) suggested an imminent downside break of the minor support and fall to 8000 which has happened.
Intraday price action has developed as a bear flag since the decline from 11,500 with a head and shoulders structure contained within the flag. In the greater context, these are bearish intraday structures that are further validating containment within the overriding bear channel structure.
If 8000 cannot hold support, the key trend line (upward sloping solid green line) is the next significant support, however, I believe there could be a steep decline to 6000 February 6th lows and potentially further. I can see a potential violent sell off with confluence that I have identified as low as 3000 in past posts.
Since March 7th breaking back within the channel and 10,000 failing as support, 8000 has been the next significant target where price found minor support at the 200-day moving average. However, the intraday price action (1-hour chart below) suggested an imminent downside break of the minor support and fall to 8000 which has happened.
Intraday price action has developed as a bear flag since the decline from 11,500 with a head and shoulders structure contained within the flag. In the greater context, these are bearish intraday structures that are further validating containment within the overriding bear channel structure.
If 8000 cannot hold support, the key trend line (upward sloping solid green line) is the next significant support, however, I believe there could be a steep decline to 6000 February 6th lows and potentially further. I can see a potential violent sell off with confluence that I have identified as low as 3000 in past posts.
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1-hour chart
