Short-Term Downward Trend Confirmation

According to the Bitcoin daily chart, a short-term trend reversal that started on july 10th by a double top pattern at support 12.929, was confirmed yesterday when the bitcoin price dropped below 9.986. The breakout of an important ascending trendline from April with high selling volume confirms the bearish force in this moment at the bitcoin market. Once this trendline was broken, bitcoin price can take deeper plunges down to support 8.782, where we can expect a bounce.