Bitcoin measured downtrend to reverse only if price breaks 8700

Bitcoin price cautiously moved down for the last week, with several tenuous rallies in the process. Price broke down the pivot support level at $8600 USD today.

The overall crypto market is still very weak. Until seeing a major break out above the downtrend line with strong volume, it's safe to assume bitcoin still has room to go down. The downward structure looks like a descending wedge, which is a bullish reversal pattern. However, currently, we don't have any bullish sign for the moment.

Horizontal support 2 : 8160
Horizontal support 3: 7650