We're looking at a battle between the $6,000 support and the down trend resistance line. Middle of November is the predicted convergence based on the support level and resistance down trend line. Obviously, we have two courses of action that are likely to happen -- bear break or bull break. It seems like the predictions are split right now between a collapse to $3,000 and a rally up to $10,000. My sentiment is in between right now.
Weekly and daily RSI is upper 40's and pretty flat, giving way to indecision in the market right now.
No matter how you look at it, Bitcoin action is getting very, very tight. Typically, this type of longer stabilization establishes a floor and regains confidence in bull perspective. On the flip side, we're seeing consolidation which typically breaks in the direction prior to entering consolidation.
Hope everyone has a great Friday ahead. Stay safe!
