Bitcoin forming a bear pennant, targeting $6,000

11. Juni 2018

Bitcoin is currently consolidating forming a bear pennant which is a continuation pattern. This doesn't mean we will for sure break to the downside, but let's just say it's more probable. If it breaks to the downside, theoretical target would be around $6,000 which corresponds to a critical support level we hit on 6-2-18. But bulls have shown som strength by pushing price up each time it came down leaving a wick to the 1HR candlesticks.

Remember that the dump from yesterday occurred during week-ends and institutional do not work on Sundays. This could mean that it has less probability to be a long liquidity in order to push price back up directly since it was not engineered by institutional market makers.