The price has also established a bearish lower high at $8,135.
A short-term bullish-to-bearish trend change would be confirmed if the price drops below $7,432, establishing a lower low.
The double-digit price drop has spurred fears of a trend reversal.
It is still too early to call a bearish reversal as BTC is yet to confirm the most basic of all bearish chart patterns, a paired lower high and lower low.
A lower high has been established with the bounce from the June 4 low of $7,432 topping out at $8,135 on June 7.
The immediate outlook is neutral and a bearish reversal would only be confirmed if BTC drops below $7,432 to print that lower low.
With the price currently trading at $7,730, the short-term bullish-to-bearish trend change is less than $300 away.
The lower high created by BTC's shallow bounce from the June 4 low of $7,432 looks to be the right shoulder of a head-and-shoulders bearish reversal pattern.
A UTC close below $7,432 would activate twin bearish cues: a lower high/lower low and a head-and-shoulders breakdown.
On the way lower, BTC may find support at the 50-day MA, currently at $7,000.
Bitcoin's Price Is Just $300 Away From a Short-Term Bear Reversal
gepubliceerd op Jun 10, 2019
by Coindesk | gepubliceerd op Coinage
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