The $6,800 level has been a brutal level for the Bitcoin bulls. This Level has provided extreme resistance over the last month.
Right now, we're seeing a pullback from this level. The bulls barely found a higher high at $6,843, but that was quickly given back without hassle. Besides that, the $6,800 level has been unable to seek bull support and bears easily push back at this level.
With a lack of bull follow through and these resistances still in tact, I don't have too many optimistic hopes for the prices of BTC and the rest of the cryptos.
We keep seeing these oversold bounces without any momentum and we barely see moves, just consolidation.
Technicals are starting to look at favoring the bears once again. Stochastic RSI is desperately seeking an opportunity to roll over and push to the down cycle. RSI is starting to look at coming down. MACD has run its course this time and is looking to start a bearish cross before too long.
Indicators and volumes on the 4-hr chart give confirmation as well. I'm predicting a longer pullback this week and we'll look to heading toward the $5k psychological support.
