Since the time of 2:00 a.m. EST; GMT-4, the price of Bitcoin has been getting throttled with massive sell volume.
Those white/pink-ish looking candles are an overlay setting that I have on the chart (from TradingView) that show that the RSI is reading oversold.
It appears as though the volume is beginning to dissipate though — which will lead to a buoy in the price:
It appears that $6.1k-$6.2k is protected for the time being, which is still sort of within that range at the bottom of the descending triangle that we have identified on the 1D chart.
Just to re-brief people on how this pattern formation works ^^
Right now as I write, Bitcoin is knocking on the doorstep of $6k
So, we can wipe off everyone that I said re: $6k.
Still, when I look at the momentum indicators — I have to say, it seems as though a bounce is fairly imminent.
But, for right now, it depends on how well $6k is defended.
Ethereum, Bitcoin Cash, and Litecoin are all being slaughtered by the markets currently.