A lot of people have very high hopes of seeing a major Bitcoin price rebound over the course of the weekend. While that is always one possible scenario, it seems rather unlikely any real action will occur. Despite hitting just over $9,000 earlier in the week, the negative pressure may continue for at least a few more days.
Even people who are not familiar with the concept of technical analysis, it is not hard to see how the current Bitcoin chart is performing. More specifically, Bitcoin broke through $8,400 a few days ago, pushed for $8,700 and straight up shot to just over $9,0000. It was a very interesting week in that regard, albeit it quickly became apparent that uptrend could not be sustained for too long. The expected correction kicked in shortly after and drove the price down to nearly $8,000 a few hours later.