BTC, (as per Coinbase), reversed lower just below 6,550. This level is the confluence of a down sloping trend line, a key lateral support/resistance line and the top of the current channel. It may therefore require a deeper pull back to $6,450 (which is a key support level) before being broken.
If it breaks through without a pullback, we can expect a strong rally initially, but the probability of a false break will be high.
If it breaks through without a pullback, we can expect a strong rally initially, but the probability of a false break will be high.