2018-6-25 17:09 |
So, a relief rally may be in the offing, but that depends on whether prices close today (as per UTC) on a positive note.
A notable relief rally could be in the offing if BTC closes today (as per UTC) above $6,250 (Sunday’s doji candle high), confirming a bullish doji reversal.
A confirmation of bullish doji reversal and bullish price-RSI divergence would improve the odds of a falling channel breakout.
While the short-term outlook stays bearish while BTC is stuck inside the falling channel (bearish pattern), the short duration chart does favor a relief rally in bitcoin.
Bearish scenario: An unexpected close (as per UTC) below $6,000 (February low) would open up downside towards $5,090 (rising wedge breakdown target).
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