This report is purely my opinion and is not intended as investment advice.
I feel that BTC may bounce out of the downside of the Yellow consolidating wedge. Volume seems to be dropping on most time frames and there is some Divergence on the 12 hour and daily RSI. Meaning that the RSI is moving in a different direction to the graph trend.
I am expecting to see a retest of the $6000 and possibly a wick to the 5800 USD Support area.
I will be waiting a bit longer before jumping back into BTC and watching over the coming days.
A fall through the $5800 will more than likely see a run down through to the $5400 Area.
Keep an eye on the wedge. A break to the upside should see a run to the $6800 test. I will not be buying this consolidation but watching for the break.
I feel that BTC may bounce out of the downside of the Yellow consolidating wedge. Volume seems to be dropping on most time frames and there is some Divergence on the 12 hour and daily RSI. Meaning that the RSI is moving in a different direction to the graph trend.
I am expecting to see a retest of the $6000 and possibly a wick to the 5800 USD Support area.
I will be waiting a bit longer before jumping back into BTC and watching over the coming days.
A fall through the $5800 will more than likely see a run down through to the $5400 Area.
Keep an eye on the wedge. A break to the upside should see a run to the $6800 test. I will not be buying this consolidation but watching for the break.