On the 4h chart, Bitcoin bounced sharply higher, but we assume it’s still a part of a correction, so we would not fall in love with bulls just yet, while price keeps trading below 7400 level. That said, we should be aware of more complex and sideways price action within a bearish triangle or within a bigger correction where 7000 area can still be tested. For now, we still remain bearish and we are looking for new lows towards 5k-4k bottom area, also because of bearish looking other cryptocurrencies, but we strongly suggest to wait for an impulsive decline back below 6000 area, which would confirm our view.

For a more detailed view, you can also check our BTCUSD Video analysis just below.

BTC/USD Video Analysis

(Video length 00:05:44)