$BTC (still) bearish near-term outlook
Ichimoku is still painting a gloomy picture. The daily stochastic RSI is starting to turn south. Chaikin Money Flow is still showing negative/neutral selling pressure. Volume is also sloping down to being flat. Looking at historical supports and resistances are our best bet now to -k-n-o-w-i-n-g- guessing where the market is going.
If we do not break the next resistance soon, expect next level support between $5600 - 5800.
If we do not break the next resistance soon, expect next level support between $5600 - 5800.
The hourly chart is giving us a nicer picture compared to the daily. So this is a very short-term guesswork in the next few hours.
We should see an uptick to break the descending wedge. I expect a nice long green candle to maybe $6200.