Welcome to a new week for bitcoin update. Last week we predicted a drop in bitcoin price and it did happen. We had a bearish move that is still ongoing. Bitcoin price dropped below the previous support and is heading to the next support. Volatility is presently low and we could see a spike soon either up or down. The previous bearish channel (green parallel lines) is still active and not yet broken so we should expect another drop to $7,783. Note that $7,783 is still major support. On the contrary, if bitcoin breaks the bearish channel and resistant $8,714, then a bullish spike is set to start.
Looking at the technical indicators:
Major Support Level – $7,783
Major Resistance Level – $8,714
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