Bitcoin has been in a downtrend for 6 months and is forming a falling wedge reversal pattern. The price is currently at the bottom of the wedge and has strong historical support at $6K (good confluence). We can also see volume stabilizing. A bullish divergence is formed and will be confirmed if the RSI makes a higher high. There will be a good opportunity for a long position upon confirmation of the bullish divergence.
A full reversal of the downtrend is also possible if volume picks up and Bitcoin manages to break the top of the falling wedge . If volume fails to pick up, I expect a rejection at the top of the wedge around $8K.
A full reversal of the downtrend is also possible if volume picks up and Bitcoin manages to break the top of the falling wedge . If volume fails to pick up, I expect a rejection at the top of the wedge around $8K.