Bitcoin Price Technical Analysis for 06/07/2016 – Ready for a Wedge Breakout!Stochastic has already reached the overbought area, indicating an exhaustion in bullish pressure, and is starting to head south so bitcoin price could follow suit. Similarly, RSI is turning lower and indicating a return in selling momentum, which might lead to a downside breakout and further declines.
A candle closing below the $585-590 area could be enough to confirm a wedge breakdown and a possible selloff to the next support level at $550, which previously served as resistance for an earlier consolidation pattern. Stronger selling pressure could push bitcoin price below this area onto the next major support at $550...
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