BTC has started to move back up, but I think caution is to be had here. There is strong resistance at the $6000 level, and if we make it back up to that price we have to consider the possibility of a double top or head and shoulders. As you can see, volume is significantly lower now and when we first reached $6000 compared to when we reached $5800 around October 14th. Although this does not guarantee a head and shoulders formation, it is one of the typical signs.
I think I’ll wait to see a clean, strong break up above $6000 before I consider any next move. Until then I still anticipate more downward movement for BTC and the rest of the crypto market.
I think I’ll wait to see a clean, strong break up above $6000 before I consider any next move. Until then I still anticipate more downward movement for BTC and the rest of the crypto market.