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.
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