BTC can bounce, but globally (for now) is ready to go lower
Updated
#BTC
Pretty strong and impulsive decline, the price broke through Fib 0.786 against the last wave of growth and is trying to consolidate at this level. Since we returned to our previous template, in previous posts predicted a deeper decline with the possibility of a rebound at current levels. Now we can move higher (Stoch RSI is oversold and starts to bounce, a strong amplitude of possible price fluctuation, RSI in medium scales bounces out of the oversold area) and again test the upper bound of the template.
But in 3 days the trend is still downward and at the moment the global market is ready to move lower.
Pretty strong and impulsive decline, the price broke through Fib 0.786 against the last wave of growth and is trying to consolidate at this level. Since we returned to our previous template, in previous posts predicted a deeper decline with the possibility of a rebound at current levels. Now we can move higher (Stoch RSI is oversold and starts to bounce, a strong amplitude of possible price fluctuation, RSI in medium scales bounces out of the oversold area) and again test the upper bound of the template.
But in 3 days the trend is still downward and at the moment the global market is ready to move lower.
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There is no confirmation of the reversal, we are still in a downtrend. The current move looks like a correction of the fall with further movement to the level of 5800, and possibly to the lower edge of the wedge. While we are inside the template, trading within 6000-8000 looks risky, it is extremely difficult at these levels to determine the further movement of the market. The correct solution is to buy either at the bottom of the template (where after a long decline there is a high probability of rebounding), or above 8500 (breaking through this resistance will indicate the construction of growth to the previous highs).
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#BTC 1h
The market looks ready to decline, the emerging ascending wedge gives the probability to go down to test the support of 6200.
Note
#BTC 1h
The pattern of the ascending wedge worked out the forecasted decline yesterday, at the moment the market is trying to hold at 6000.
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