Over the last week BTC has traded in a narrow range with low volumes. The June 10th bearish breakout has set the stage for several scenarios:
1. A triple bottom formed from by the February, April and now June lows.
2. A short rebound followed by a lower low in the the 3000-5000 range
3. A break down and retest of 6000 before stabilizing
The RSI is has already tested and rejected the oversold line and is trading in a tight range inside the support zone. If it fails to break upwards over the next few days we can expect a steeper drop before rebounding. We will wait for a high volume break out of the support zone before entering the market for potential scalping or swing trading. Overall the market continues to bearish.
1. A triple bottom formed from by the February, April and now June lows.
2. A short rebound followed by a lower low in the the 3000-5000 range
3. A break down and retest of 6000 before stabilizing
The RSI is has already tested and rejected the oversold line and is trading in a tight range inside the support zone. If it fails to break upwards over the next few days we can expect a steeper drop before rebounding. We will wait for a high volume break out of the support zone before entering the market for potential scalping or swing trading. Overall the market continues to bearish.
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.
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.