BTC is consoldiating from ATH and a descending wedge is taking shape on the Daily timeframe.
Indicators suggest oversold condition and momentum seems weak on the bearish side now
Hidden bullish divergence on the PPO suggest that we might see a push to the top of the wedge and maybe a breakout to the high side with a target to 22,500 dollars.
On the flipside if we break the wedge on the downside we can see a retrace even down to the 5,000 dollars area even if unlikely at this stage.
Indicators suggest oversold condition and momentum seems weak on the bearish side now
Hidden bullish divergence on the PPO suggest that we might see a push to the top of the wedge and maybe a breakout to the high side with a target to 22,500 dollars.
On the flipside if we break the wedge on the downside we can see a retrace even down to the 5,000 dollars area even if unlikely at this stage.
Note
We broke on the bearish side as per the chart pattern above. At the moment we are still ranging between the Fibonacci retracements. If the consolidation brings more volume in we could see a bounce.
If we break the 6600 dollars fibonacci level, we should revisit 5000 and 3000 dollars where we find the only solid support level.
Note
A zoom in the 6H chart shows that the Bearish momentum still in place and we are still well below the Kijun that has not even been touched by the price (yet)
Note
On the flip side, the solid volume that accompanied this bounce signifies a solid rejection of lowers below the Fibonacci level.
A second revisit of the 6600 level will face more weakness at this support price.
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Disclaimer
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