Bitcoin retraces slightly and scares most out of what has been the start of a decent leg up – a leg that actually broke up through resistance to see something interesting develop. If we take a look at the Rogue* Wave Analysis, there are two very important things that pop out about the last few days’ worths of price movement.
As the hourly scale will show, the current drop below the 6455 point of entry shows the short-term giveback. However, this still creates a higher low as the 6250 mark still stands as the hourly previous low to sustain. This is also the base of the channel BTC resides in at the moment as shown. The downspout, at most, should sustain 6065-6070 if price begins to falter as volatility kicks in. This is the last base point for a pivot that will sustain BTC from seeking the previous lows right below 6k- not a good sign for the bulls. This would likely lead to more fallout which includes seeking the longer term 5600 mark, and (hold your breath) the potential of the 5200 mark.