I would say below $6k is a bit uncertain but there is actually a huge chance and possibility to see it happen. Firstly we just broke out from a wedge formation which was believed to lead us lower and we broke the support formed by the lower trend line of that wedge around $6800, so that makes it a possibility to lead us down towards $6400 (a low formed on the 1st of April) or around $6000 formed round 6th of February). Now, a break below this last support would obviously lead us way lower which could be a rapid one.
However, the volume on breakout is a bit low, as I was expecting a whole lot more after breaking that wedge, so this makes me to wonder if the possibility of all that I have said in the first paragraph could actually come into play or we should see a good bounce back up with the possibility of a double bottom forming, but I guess we will live that for time and trend to decide.
Nice one and what is nicer is the last sentence when you mentioned time and trend will tell and that is a basic fact, most especially with bitcoin which has been so unpredictable lately. One time, you see the TA showing possibility of growth, the next time you see low volume and then a quick reversal either up or down and so far, I am just trying to see how things are basically just going to end up eventually as nothing is so guaranteed at all right now.
The truth is no one of sure of anything at this point in time, as everything just keep beating one's imagination and assumption at the end of it all. There is a no chance we could see lower than $6000 since the market can decide to behave in any way it seems which is my reason and these days even the fundamental sentiment in the market just seems not to be corresponding to what is even happening in the market as a whole.