Bitcoin looks to be inside a falling wedge. Coupled with a drop in volume, this can be seen as quite bullish in the mid term. Blue arrow indicates bounce zone of $6100. Purple arrow indicates possible journey to $8000. This wave will complete the Elliot wave and require an ABC decision. Red arrow indicating RSI bottoming out. It can be seen from previous RSI bottoms that there are clear bounces. If this plays out, selling at 8K could be a good idea until there is a clear upward break of the falling wedge with volume.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.