BTC is situated into a falling wedge and i think it will go down from here to test 4788$ 0.236 fib support which is a weekly support.We need to test it ,to capitulate and after we can go up.
We have a lot of positive signs at 6k or below:
-First when we are dropped below 6k all time was too much buyers and the price was pushed above 6k fast,around 5000-5200$ institutions will buy BTC.
-To hold the price below 5k we need to have very little volume.Little volume=is not profitable for exchanges and also not for miners
-If you looked at statistics every trader know the mass adoption it s started(Check increase of BTC ATMs for exemple)
-We are near rezistence,it s crucial to break 7000$ to be bullish.
-In 26 OCT we have 9 ETFs and i think all will be denied or postponed
-In 26 OCT CME futures will expire which is bullish contracts,after we are bearish till mid november again
-We need to capitulate that s the reason why i think we are going down,capitulation must be part of market cycle