Bitcoin consolidated at around 9400.20 and 8961.00 from the beginning of this month but failed to break to the upside and fell on Friday's session below the bottom of the consolidation channel at 8961.00. BTC has now formed another channel at around 8839.70 and 8688.60.

Bitcoins short to medium term current direction is pointing towards the downside. However, BTC could change course if it makes its way back to 8939.70 and 8961.00. BTC could continue down to around 8402.60 if it fails at 8688.60

 

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