Both the 4 hour and the 1 day charts are showing the completion of a Head and Shoulders pattern. The 4 hour is completing now the one day has another 5-7 weeks to go.

The 4 hour shows the base of the Head and Shoulders pattern at $6789 where it almost touched today. The RSI and the MACD are in oversold territory on average volume.

The one day chart looks more bearish as the completion of the Head and Shoulders pattern will be down at $5858. You can clearly see that the 4 hour is depicting the support at the top of the right shoulder. The RSI and MACD still have room down. Bitcoin is moving down on declining volume.

The near term momentum is Bearish.

4 hour

1 day

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(We are not professional traders this is just our opinion. The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.)