With another bloody Monday across the board, Bitcoin appears to be reaching for the support level I’ve been looking forward to the past few days.
BTC/USD erased all Sunday’s gains by the end of Monday’s trading session, and then some, diving back towards the key support level of $5,850 as it travels below the daily Ichimoku cloud. The future cloud has turned bearish, while the Kijun line has broken below the cloud.
After completing the previous head and shoulder-bottom, bullish reversal pattern back in July, BTC/USD formed yet another lower high at around $8,444 as well as a new lower low at the bottom of the reverse head and shoulder and the $5,850 support level.
If the trend continues, we can expect this support to be broken this time around, followed by a formation of yet another lower high above the cloud in the coming months.
With that, the next BTC support level is at $4,969.
*This article was originally published here