Bitcoin begins to slow down a bit after US (CST) overnight trading Friday night into Saturday produces price activity that sees not only the 6k level tested but a snapback during the evening hours. This is unusual in the sense that BTC does not see many larger gaps at all, however, gapped directly to the support level at which it now stands. This is also a sign of a large volume of selling hitting the market, but likely by smaller groups.
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As Saturday moves on, BTC will likely continue to test the lower bounds of the 6k region. Neutral pressure will be boosted purely by the tech specs. This includes the MA line which now looks to meet price on the mid-scale and likely give a sort of “push” needed to keep BTC alive. The other factor is that current price point is at the inverse head-and-shoulders pattern pivot area(shoulders specifically) from the last major turn around. Keep in mind that a break below these levels will likely seek new lows as the overall downtrend is active.
Stochastic levels stay in the oversold(<20) region and look to pivot
MACD shows bearish momentum intact; however as it begins to flatten, look for price to “wick” support in conjunction with flattening of MACD and pivot of stochastic.
Support and Resistance stand at 5600/6k//6400/6800.
BTC is currently a No Play.