BTC potential pullback to 30K??!

6 juin 2021

BTC has been ranging sideways since our last big correction with us mostly stuck at the 0.5 FIB level. I do think there is a chance of us coming down to the 30K mark again due to lack of volume and a few other factors. First looking at the EMA ribbons we still haven't made any progress on reversing the ribbons back to green on top, and we are actually twisting more to the bearish side, we need to see more compression in the ribbons for us to fully twist back to bullish but we are seeing bigger separation in the green bands now. Checking out the MACD we saw a bullish cross but we are already loosing steam it looks like and our Blue MA is heading towards the orange and looking like we could see a bearish cross in the coming days. Also our histogram seems to be topped out for this bull MACD "cycle" we have been moving flat for the past 3 days and we could start to see some smaller green bars that would eventually lead to red bars. The RSI seems to be struggling to break this downtrend resistance but keep in mind that the RSI has been in a confirmed downtrend since early May, and that will not change unless we see a full break of that 50. point midline on the RSI, we need to fully break above to see a confirmed uptrend! Not financial advice just my opinion!