WILL BITCOIN'S MONTHLY "6TH DAY" TREND BREAK IN JUNE?
As you all may know, since January 2018, BTC has been hitting (local) highs and lows on every 6th day of each month.
The trend has been working so far to a tee. Relative HIGH on January 6th, relative LOW on February 6th....and so on and so forth.
However, it looks like this trend is about to be broken very soon.
Why?
1) To continue the "6th day" trend, BTC would need to hit
~$6108.80. I highly doubt that is happening in one day
2) RSI has already bounced well off the 30 RSI support. During previous months, the 6th day's RSI remained very close to 30.
3) MACD has just crossed bullish again. That's usually always a good sign.
4) Price action is consolidating. Signals for a big move to follow
5)the 'big move' will likely be a breakout, as a falling wedge pattern has been formed. Bullish signal
A Possible bottom scenario is that it will hit the bottom of the purple wedge targeting the $7100 range. Hard to see it go down any further than that.
Expecting to see a breakout quite soon.
The trend has been working so far to a tee. Relative HIGH on January 6th, relative LOW on February 6th....and so on and so forth.
However, it looks like this trend is about to be broken very soon.
Why?
1) To continue the "6th day" trend, BTC would need to hit
~$6108.80. I highly doubt that is happening in one day
2) RSI has already bounced well off the 30 RSI support. During previous months, the 6th day's RSI remained very close to 30.
3) MACD has just crossed bullish again. That's usually always a good sign.
4) Price action is consolidating. Signals for a big move to follow
5)the 'big move' will likely be a breakout, as a falling wedge pattern has been formed. Bullish signal
A Possible bottom scenario is that it will hit the bottom of the purple wedge targeting the $7100 range. Hard to see it go down any further than that.
Expecting to see a breakout quite soon.
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