BTC Harmonies
Bitcoin futures have definitely been caught in a sideways channel but could continue to the downside. On our first chart we draw two lines of the highs of May 8th and drawing one to the highs and one to lows of June 4th. What you will notice is this expanding downward channel has contained all the opening and closing prices including todays. Studies suggest that pricing will continue to fall inside of this channel until it touched upon the 50-day moving average. How it reacts at that point will tell us if we have moved from a sideways to a bearish market. It would be surprising however to have just had all the major moving averages come into bullish alignment before entering a bearish trend.
Also on our first chart are Fibonacci harmonics from three different data sets one harmonic comes in above current pricing art approximately $11,900 and the other below current pricing at around $8,040.