Bitcoin is down again today, but the low did stall against a lower channel trendline. It gives the buyers some hope
The lower trend line comes in at $6601 currently.
The price of bitcoin tumbled yesterday after finding sellers near the 100 hour MA (blue line) and a topside trend line (using Coinbase and a 7-day chart). The holding of that ceiling at red circle 3, gave sellers to go ahead, and they took the price lower.
The move lower continued today with the price down another $175 currently at $6693.01. The low for the day reached down to $6626.51. At the low, the digital currency tested its lower channel trendline (from the topside trend line) at $6621 (at the time). The current trend line comes in at $6605 (and moving lower).
The price is also getting closer to the November low price of $6526.
With the trend line and the November low price in play, traders looking for a dip to buy, might look to lean against the level with stops on a break below. Risk can be defined and limited.
However, understand that a break of the lower trend line and the November low should solicit more stop selling. So be careful, but risk can be defined.