After the influx of bullish volume that flowed into BTC ~28 hrs ago the price has begun to cool off and a falling wedge is forming on the charts.
The current candle shows the price ran up to 6379.9 before heavy selling pressure was met.
In my opinion because the support has become more solidified in the context of Fibonacci levels, Kijun San, Tenkan San, Kumo, as well as Psychological Support it seems very likely we will see a bounce.
All of the strengthening support in combination with the bullish reversal pattern seen forming on the charts leads me to believe that bounce will take place between 6160 - 6273.
This action is further confirmed by the current positions on the Stochastic RSI, and the TRIX.
If the indicators continue to move downward and blow off some steam from that run then the price would follow down the falling wedge.
It should also be noted that the kumo has begun to thin considerably and a twist in the kumo would confirm a reversal and uptrend in price should then begin.
In the scenario there is a bounce at 6100, I would place my price targets between 6496 - 6597.
The current candle shows the price ran up to 6379.9 before heavy selling pressure was met.
In my opinion because the support has become more solidified in the context of Fibonacci levels, Kijun San, Tenkan San, Kumo, as well as Psychological Support it seems very likely we will see a bounce.
All of the strengthening support in combination with the bullish reversal pattern seen forming on the charts leads me to believe that bounce will take place between 6160 - 6273.
This action is further confirmed by the current positions on the Stochastic RSI, and the TRIX.
If the indicators continue to move downward and blow off some steam from that run then the price would follow down the falling wedge.
It should also be noted that the kumo has begun to thin considerably and a twist in the kumo would confirm a reversal and uptrend in price should then begin.
In the scenario there is a bounce at 6100, I would place my price targets between 6496 - 6597.
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