It’s still on its way up, but it isn’t really lifting off the ground the way that you would want/expect it to.
Bitcoin is at the point now where an RSI of oversold on the daily chart would probably mean that it is in a full-blown reversal. So that monthly pattern that I outlined before was bound to break off at some point (imo).
Check out what I’ve seen on the weekly though.
The price of that is hanging at around $7.4-$7.5k.
We slipped below that point on the massive sell-off that we had on June 9th-10th.
The EMA-200 is hovering at $3.6k, which is ugly. However, I believe that the EMA-100 would more than likely come into play (as a support point) before the EMA-200 does.
Let me go ahead and forward some of the studies that I have posted on the EMA before in order to help you all understand why the candle (on the weekly) closing below the EMA-50 is a MAJOR bearish signal and why I think that we’re still in a ride for much more bearish activity before we see a TRUE reversal in the price.
I showed this because EMA indicators serve as pretty reliable support/resistance points.
Check out this Medium article that I wrote on that:
So, in essence, this week and possibly next week will serve as the moment of truth (more than likely next week).
Notice from the post above that I noted on May 28th that we were in a moment of truth where the price was going to either break upward or break down, and as we can see from the currently weekly charts — the price has broken downward.
Now, I’ve mentioned this before, but price never moves in a linear fashion when it comes to charts. Bitcoin never dropped to $6k straight from $20k. We had bounces, right?
Expect the same on the way down to whatever the bottom of the market will be (I don’t think that we have quite reached it for the reasons that I mentioned above among other things — check my Medium page and the weekly analyses that I’ve posted for a better overview on that).
In that same way, I think that volume + the daily RSI could be setting us up for a scenario where the price of $BTC perhaps reaches $7k or even slightly on the northside of $7k before it declines back downward toward that $4.5k-5k point. Check this out:
When there’s declining volume (especially) in a bear market during a price decline, that means an impending relief of sell pressure and a potential reversal due to an increase in buying pressure.
Context always means something, of course <- but it’s a general rule of thumb.
Alright, that’s it for Bitcoin.