Haha! Yeah, my fuzzy crystal ball just tells me something big is about to happen. I wish it was a clearer rising or falling wedge. Then I'd have a higher level of confidence. But at least this level of TA helps in short trades. Buying at the support and selling at resistance points.
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It's a rising wedge and sellers dominate buyers clearly. Supports are really strong but selling pressure seems stronger for now. If dynamics continue unchanged, I predict price meltdown. This could potentially go below BTC mining cost. What would happen then? It happened in 2011 and that wasn't so great I remember.
Ah, now that's interesting right there! Tell me more about this BTC mining cost issue.
I'm looking at MACD on the hourly chart, when the current upcycle runs out of steam in about 4h, while I'm asleep, I expect 6500 to be tested again. I'm not buying yet.
Though right now hourly trend is kinda turning upwards maybe it was a falling wedge? :P
Even though it's a slight uptick...I think overall it's going to drop some more. Just a gut feeling at this point.