Bitcoin did see a good support on the long trendline at $7000 levels. The bounce is just not hard yet. Volume is very low.
In order to call it a bottom we need to see much more volume come. Now, we see a rising wedge formation which is a bearish pattern. If BTC follows this, there may be a chance BTC will revisit $7100 levels. However keep in mind this may be a bear trap but i dont expect that to happen. So place your stop losses optimally.
The monthly pattern suggests we will see a real reversal by 6th June! Lets see ;)
BTC has to find support at $7000 or selling pressure will accelerate where $6500ish is the last hope for higher lows to be intact.
Happy investing!
In order to call it a bottom we need to see much more volume come. Now, we see a rising wedge formation which is a bearish pattern. If BTC follows this, there may be a chance BTC will revisit $7100 levels. However keep in mind this may be a bear trap but i dont expect that to happen. So place your stop losses optimally.
The monthly pattern suggests we will see a real reversal by 6th June! Lets see ;)
BTC has to find support at $7000 or selling pressure will accelerate where $6500ish is the last hope for higher lows to be intact.
Happy investing!
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