BTCUSDT
is trying to relieve some of this relentless bearish pressure, but in the recent past, these attempts to breakout have been fakeouts and fueled larger moves down. Note the strong volume on the low wicks under 6k and a pattern resembling an inverse head and shoulders. Volume has stayed relatively flat, suggesting sellers have gone away for now. I'm waiting for a the breakout and re-test of previous resistance around 6185 before I go long at new support. The steep incline of the VZO-PZO oscillator would be hard to sustain, so it either needs massive volume (from a short squeeze) or may need to base for a bit above the triangle for it to go much higher. The PPO has broken over the 0 line, but it needs to hold up here for buyers to trust the move. I can't condone buying the breakout, but shorting here seems thin. 6250 or so will be resistance, so the stop needs to be tight for this to be decent risk:reward, but since we are in a downtrend on the higher timeframes, that's not a bad idea anyway.
