Based on BTC daily chart, BTC retraced to $31k and buyer pushed the price up back to $33k and closed the candle with a long wick. This means that buyer pressure is still strong at around $30k to $31k.
Based on Fib Speed Resistance Fan, BTC is respecting .618 fib fan level support since 19 of May. But the more it test the support, the higher chances it will break its support.
Stochastic RSI still indicating that BTC is not ready for an upward movement. So BTC will either consolidate or break down to a lower price target.
One alarming indicator to BTC trend is that it is forming a potential bearish cross on the 50 and 200 EMA which in history it signals a bear market.
If BTC still do not make a sharp upward movement and touch the 200 EMA line at $41k, the bear cross will form signaling a further downward price action.
Based on Fib Speed Resistance Fan, BTC is respecting .618 fib fan level support since 19 of May. But the more it test the support, the higher chances it will break its support.
Stochastic RSI still indicating that BTC is not ready for an upward movement. So BTC will either consolidate or break down to a lower price target.
One alarming indicator to BTC trend is that it is forming a potential bearish cross on the 50 and 200 EMA which in history it signals a bear market.
If BTC still do not make a sharp upward movement and touch the 200 EMA line at $41k, the bear cross will form signaling a further downward price action.
