After a breakout earlier this year above 6000, and a run to 13,000, bitcoin has taken a pause in a descending wedge, and has finally broken down below the 9000-9500 support level to 8000.
It's clear to see that the 6000 level was an important level, where it broke below to 3000, then broke out to recent highs. One has to think that this is a level that we may visit once again, as btc finds support, and perhaps consolidate/accumulate in the next few months. Needless to say, if it is unable to hold this level and breaks below 6000, then we will surely be visiting the lows of this year. if it manages to hold and we have a sideways move with rising RSI, then it may be a good sign that it is accumulating and may head to test previous all time highs.
For the time being, outlook seems to be downward toward that 6000 level; keep eye on that RSI as it has room to go and as it hits oversold levels.
It's clear to see that the 6000 level was an important level, where it broke below to 3000, then broke out to recent highs. One has to think that this is a level that we may visit once again, as btc finds support, and perhaps consolidate/accumulate in the next few months. Needless to say, if it is unable to hold this level and breaks below 6000, then we will surely be visiting the lows of this year. if it manages to hold and we have a sideways move with rising RSI, then it may be a good sign that it is accumulating and may head to test previous all time highs.
For the time being, outlook seems to be downward toward that 6000 level; keep eye on that RSI as it has room to go and as it hits oversold levels.