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Today, there was a continuation of the bearish momentum. Bitcoin is trading below the balance level of 8112.03. The probability of updating the monthly minimum is 70%. Holding a short position is the main plan. The monthly minimum test will indicate further priority. If the closing of the current week will occur below the minimum of last week, it will give the opportunity to again look for favorable selling prices.
Working in a downward direction is profitable as long as the instrument is trading below the balance level. Sales from the current levels do not allow to get a favorable risk-to-profit ratio since there is a monthly extremum close by, a test of which can cause strong demand growth.
Forming an alternative growth model will require tremendous effort on the part of buyers since the eighth day in a row there are major sales of the instrument. For a reversal, it is necessary to form an accumulation zone for rebuilding above the balance and then confirm through its retest.
The probability of such a model is 30%, which makes it auxiliary.
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