Price is currently uncertain to which way it will move next. On the daily chart the previous 3 candles have been unable to present an indication for which way price will move in next. This can be very common when price reaches a major level, price often consolidates around that region for awhile and then shoot off in a certain directly after slowly building buying or selling pressure. I still believe we will see a move lower, potentially down to the $6,500 region before we see any sign of major support found in the market.
Bitcoin is on weekend go slow
So the charts are still pointing downwards?
The charts are still very much indicating that this downwards movement isn't over just yet. Over the previous week price dropped below $7,870 which has proved to be a major support/resistance level. price was able to close well below this level suggesting the amount of momentum the market has towards the downside. I believe a push down towards the $6,000 region is still the most likely short term scenario.
Tyler Jenks from Hyperwave on YT is now predicting $4900
Scary stuff, wonder if I should sell everything and wait?
This is a contributing factor to the price going lower, panic selling. Everyone is becoming uncertain about the market so they panic and sell everything, it might not seem like much but if 15-20% of everyone investing in crypto were to panic sell the decrease in volume and also the value of the coin decreases significantly. Crypto is a long term game, you have to remember this time last year everyone was saying that bitcoin is dead because it was trading at $2,000! These calls from all the big investors are only short term scenarios... bitcoin will reach all time highs by year end.