Bitcoin Feels Like a Shoe-In For $6.5k

I could be wrong, so don't burn me at the stake - but here is what I see:


If you’re looking at the 1D chart for Bitcoin, this is what you’ll see (at the time of writing).

The downtrend resistance from March's high of $11.5k is still alive and thriving at this moment in time.


Specifically, this zone is between $6.18k and $6.5k (approx.)

Currently, it appears as though the $6.18k support is holding pretty reliably and that it will be the overhead resistance at $6.5k that will have to contain the price.

It also appears as though the price is slated to eventually reach up to $6.5k at least.

Relative Strength Index

As you probably saw on the charts above, Bitcoin is officially oversold on the daily.

Now, the intuitive assumption here is that the price will bounce up at “any time”.

However, this is not the case in a bear market. See, when an asset is in a bear market, the RSI can remain oversold for as long as it needs to.

On the contrary, when the price is overbought in a bear market, that’s a sign that a drop is more than likely impending soon.

The oversold point is a naturally more frequently occurring phenomena in bear markets = main point+takeaway from the above statements.


The price has been oversold for 8 total days at this point, and it appears that this will easily trickle to day 9 barring some extraordinary price movement. However, once again, this is not out of the ordinary for an asset in the cryptomarket to remain oversold for this much time during a bear market.

Bears and Bulls Fighting One Another For Turf

There is probably no picture that greater epitomizes the struggle between the bears and the bulls as this one:

Here you can see:

1. RSI moving sideways.

2. Last two candles are clearly doji’s, which are indecisive.


Conclusion

I'm long obviously. We'll just have to see what happens.