BITCOIN
The big triangle base still holding, might restest the previous low of 5777 zone and the RSI might just dip into oversold zone for orders waiting for that trigger. On the depth chart, big volume waiting for 5000 thus likelihood of going below that mark not high. As the candle consolidate within the little room left (probably another 2-5 days ) in the big triangle towards the squeeze point, breakout can be up or down. And we are into the month of jul, let's see if there's little rally happening then probably consolidation again and await the bigger rally in sep into nov or it can be the similar pattern of 2014 with slight bounce after the new low and then head for lower till end of dec.
Short term moving average : still downtrend
RSI : -
Depth Chart : huge wall ard 5k, next wall at 5500 and upper wall around 7000
Weekly Timeframe : possible invert hammer pattern end of week.
Disclaimer : This is not financial advice, it's all based on my personal biased opinion. Do your own research and put in the amount you can afford to lose.
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Thanks for sharing.
If this correction is on the same scale as the 2014 correction (which it most likely is), based on my long-term wave count, I think the RSI on the weekly will dip below 30 before the correction ends.
Also, looking at the daily, for 2014, RSI went as low as 13, so there is still some room for a drop!
As you say though, there's a lot of support around 5k. Let's see how it holds up.
yeah lets see how it hold up.
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