Last few days was emotional roller coaster for those who are doing short on BTC. But everything will be fine = bad for BTC.
We are now finishing the head and shoulders formation which with full potential can send the price to the 5565 line.
Also we have touched the Chanel resistance line. This worked as a perfect downtrend indicator for almost a month, 4 touches= 4 strong drop in price.
Also the price failed to overtake the 786 Fibonacci line which again shows that the price should go down.
On the RSI we are in the overbought region also, which confirms the downtrend motion.
The only problem now will be to brake the the rock solid 6193 resistance line, it is there since last year October when it functioned as both resistance and support and on 02/06 as strong resistance.
We are now finishing the head and shoulders formation which with full potential can send the price to the 5565 line.
Also we have touched the Chanel resistance line. This worked as a perfect downtrend indicator for almost a month, 4 touches= 4 strong drop in price.
Also the price failed to overtake the 786 Fibonacci line which again shows that the price should go down.
On the RSI we are in the overbought region also, which confirms the downtrend motion.
The only problem now will be to brake the the rock solid 6193 resistance line, it is there since last year October when it functioned as both resistance and support and on 02/06 as strong resistance.