BTCUSD TECHNICAL ANALYSIS ON H1 TIMEFRAME
Bitcoin is back in correction mode as it retreated from the top of the newly-forming ascending channel on its 1-hour time frame. Price is down to the 61.8% Fibonacci retracement level, still deciding whether to bounce or make a deeper pullback to the channel bottom.
The 100 SMA crossed below the slower-moving 200 SMA to suggest that bearish pressure is in play while stochastic has some ground to cover before indicating oversold conditions. With that, a test of the channel support closer to $8,050 might be in order.