"The chart speaks louder than words"
Daily bitcoin technical analysis with fewer words and more information so that you can have maximum information just with a glance without wasting any time.
Sentiments:
Short term: Bearish ($5880)
Midterm: Bearish ($5500)
Long term: Bullish (to the moon)
The general market sentiment is so bearish right now that you can clearly see it in the volume. Even though a lot of technical analysts have been saying that the 6000 USD is an ideal buying range but clearly looking at the volume you get the idea. Very less buying action right now.
What I think for now is, RSI is gonna cool off for a little while and gonna head down. And this time it can hit 20 or below that. During this time bitcoin may fall to the price range of 5.6k to 5.4k. During the cooling off of the RSI, bitcoin will form a wedge (in pink color) and then fall down to the targeted red area.
At this point, to break the bearish trend bitcoin needs to cross the 6.6k price, the price from where we broke down yesterday (June, 23). Bulls are not active right now because of the very low confidence in the market. The general market sentiment will get bullish when bitcoin gets out of that yellow channel (two yellow lines showing the current bearish trend of bitcoin).
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Legal Disclaimer:
This is not an investment advice. It is to be used for educational purposes only. This is purely a technical analysis and one should not take it for granted as an investment advice.