As you can see from the chart, price has hit the bottom of descending channel and overall volume of cryptocurrency market has diminished. It means that there are two ways of price moving in this BTC/USD Weekly chart:
1) If price break support below 6000 USD it would be strong incentive to move to 5000 USD in case of price action. This will lead to huge market sell-off and panic
2) If price bounce from 6000 USD support it would be strong incentive to reach 7000-7300 USD level (top of descending channel).
My suggestion would be to wait until weekly candle closing and wait for clearer price direction.
Until next week.
1) If price break support below 6000 USD it would be strong incentive to move to 5000 USD in case of price action. This will lead to huge market sell-off and panic
2) If price bounce from 6000 USD support it would be strong incentive to reach 7000-7300 USD level (top of descending channel).
My suggestion would be to wait until weekly candle closing and wait for clearer price direction.
Until next week.
Comment:
Price has moved along with the green line and has hit uptrend resistance level. With this price impulse it can reach descending channel top, also, there is a possible consolidation after this strong pump.