BITCOIN Continues Edging Down Toward $3,000

Bitcoin continues to edge down to the $3,000 support level (indicated by the dark thick blue line). As levels continue to be oversold on some longer charts, it makes us wonder if this level will hold, or just be an annoyance factor on the bear agenda?

Personally, I think this level will break still before we see the market change. I do think there will be a fight at this level. We saw the $6,000 level be a fighting support, so I think there's a case for a similar scenario here.

We've essentially been oversold since the bear break from $6,000 support, so you'd expect there to be some upside move now. However, I think breaking the $6,000 level has lost a lot of confidence in the market and at this point people are either long term holding, or scared to enter until there's bullish confirmation of a market change.

All major volume days have still been favoring the bears. Bull volume is disappearing, but will most likely return if and when there's a strong bounce from hitting support.

Stay safe all, and have a great Saturday!!