2 most likely outcomes:
1. BTC breaks back up to $6500 forming an H&S, signalling more bullish momentum ahead.
2. Bitcoin continues trading sideways at $6200 forming a traditional H&S meaning a drop to $6000 is more likely.
Since the chart intersects with the Bollinger Bands, it confirms what the RSI says - the market is oversold. Using these indicators it is likely we will break up to $6400 ~ $6500 levels.
Personally, I think this is a start of a new week and Q4 is right around the corner. I will remain optimistic and think that the price will break out. Unfortunately Bitcoin's biggest problem right now is investor sentiment. As we wrote in a previous bitcoin price analysis article: "The real trouble here is that most investors consider bitcoin dead in the water. "
Good news is we are getting some unicorn cryptocurrencies (DOGE, XTZ) that are helping crypto's market cap and are keeping things afloat. If cryptocurrency's market cap can get back up above $200 billion that would at least give traders a break from the depressing bear market.
1. BTC breaks back up to $6500 forming an H&S, signalling more bullish momentum ahead.
2. Bitcoin continues trading sideways at $6200 forming a traditional H&S meaning a drop to $6000 is more likely.
Since the chart intersects with the Bollinger Bands, it confirms what the RSI says - the market is oversold. Using these indicators it is likely we will break up to $6400 ~ $6500 levels.
Personally, I think this is a start of a new week and Q4 is right around the corner. I will remain optimistic and think that the price will break out. Unfortunately Bitcoin's biggest problem right now is investor sentiment. As we wrote in a previous bitcoin price analysis article: "The real trouble here is that most investors consider bitcoin dead in the water. "
Good news is we are getting some unicorn cryptocurrencies (DOGE, XTZ) that are helping crypto's market cap and are keeping things afloat. If cryptocurrency's market cap can get back up above $200 billion that would at least give traders a break from the depressing bear market.
