Medium term trends show a clear head and shoulder formation with a narrowing triangle which I interpret to be a consolidation in a continuing downward trend.
Should 6500 be broken, look to 6000 next. This downward break looks to be a probable (though not certain) event in the next couple of days or possibly weeks
For the past few days BTC has experienced fairly flat behaviour, with the exception of short periods of sudden, rapid high-volume movement. To me, the character of these movements is unnatural. In other words, rather than being caused by the collective action of a large number of actors (the "crowd" in crowd psychology), it is predominantly caused by the deliberate actions of a small number of actors (the famous "whales"). If this is the case, then the head-and-shoulder analysis becomes less plausible, because the right shoulder isn't crowd behaviour.
Blackreplica
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@nerophon, Those large spikes in volume are certainly whales but my opinion differs slightly in that they are not so much working together but rather against each other (some start buying, others start selling into their buys). Iits still price discovery in action right now IMO but based on technicals alone I would say prices are still going down