At the 1 day timeframe there is incomplete Head and Shoulders pattern. Indicators are bullish in the short term which means that the formation will be finished. Larger timeframe indicators suggest that overall the market faces with bearish mood.
When the H&S pattern will be completed the price of BTC will break the upper bound of the template and will move lower. The price is below Ichimoku clouds, support seems to be weak. The market may continue to follow a downtrend.
The next support and possible rebound will be at $5 550. It is a great time to swing trade with alts and earn a lot of profit. Also there is BitMEX short opportunities with BTC
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The price is on its way to finish the pattern
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BTC was $6 548 it is testing the resistance. It should be broken soon and this will bring the price to the next resistance of $6 900 where the formation will be finished in case of subsequent consolidation movement
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Up from the resistance level the price started to decrese, however it is a normal situation, usually the shoulder is built on a ladder pattern. The price heads to the support where a bounce is expected