Bitcoin (BTC) broke above the ascending triangle yesterday to stage a fake out that trapped most aggressive bulls that were ultimately forced out of their positions when BTC/USD started to nosedive. The price has declined more than 6% for the day and could now find some relief as bulls FOMO back into the market to buy the dips. The Stochastic RSI on the hourly chart is now heavily oversold as the RSI has declined to a trend line support which means there is a high probability that the bulls could take control from here. That being said, the price is expected to consolidate for a while before it can make any moves higher. Bitcoin (BTC) still remains heavily overbought on larger time frames but the bulls could push towards $6,000 short term to test the previous market structure that the price broke in November, 2018.
It is extremely unlikely for the price to breach past $6,000. It will most likely be stopped around $5,800 or lower and would see a sharp rejection after that. However,…
Read Full Story : Crypto Daily™