BTC UPDATE 1 HR: We are seeing a fall back down towards 6200 as well as a possible break down to 6K support. The ETH news (bullish info) today is important to the overall cryptosphere, but I feel the longer term bear market sentiment far supersedes that. While we may see the rise to 7K that we have been talking about in the short term, I am not confident enough to bet my money on a few hundred sats with such a bad RRR (Risk Reward Ratio). Above is a chart showing my most likely probabilities, which is sideways and a bit bearish over the next few days. We very well could see a fall through 6K this weekend, and 5.8K has been an important support. If we touch 5.8K we could see a rally, but I will remain cautious.
Comment:
We see BTC bouncing off the 15 min RSI oversold a few times over the past week. Will be keeping an eye on this.