Target of bitcoin

[pak3000]

Bitcoin is continuing to break down here and is getting star stepped down, which is very clear on the charts.

The $8,500 level has fallen now, so that opens the door to that move all the way down to $8,000.

As we can see on the chart here, that downtrend line is quite strong. So we can really use that to our advantage. Either as a good stop loss area on a short, or even as an area for a quick long on the break as it might lead to a little upside pop on the back of some covering.

Either way, the bias is still clearly to the downside and I would only be looking for scalps to the long side on momentum breaks.