Bitcoin daily chart for June 11, 2018

The daily RSI is sitting on the cusp of oversold at 30.3362 and %B has not been this far oversold since the September 2018 correction. MACD is currently printing a potential bullish divergence on its negative histogram. Price appreciation would solidy a reversal. I am watching the noted descending resistance lines in RSI and %B to gauge buyside momentum. We need to note that, although price dropped through the bottom of the large 4 month triangle we have been watching, price is currently sitting in a potential throwback position as I mentioned I would be watching for. With shorts loading up as they are and daily RSI sitting on oversold, the potential for a failure of price to follow through lower is significantly increased. Potentially, we could see price relax for a couple of days and maybe even head upward toward the aforementioned $7000-$7100 before dropping once more, this time to the $6000 area. Doing so would likely create a double bottom, daily oversold RSI, and would allow the shorts to load up even more significantly as traders would see the inability of price to breach that upper level as a sign that price is ultimately failing. If we are in Phase C of Wyckoff, then a situation like this would likely act as a "spring" per Wyckoff as support is finally removed and price is allowed to drop to that level. The drop in price toward $6000 would solidify traders' belief that we are repeating 2014 and turn even the apparent most bullish of them into bears. The no-doubt over-leveraged and undercapitalized shorts would then feed the longs off the spring causing price to skyrocket. Traders who are liquidated in the squeeze would then place long positions in an attempt to recover their losses further catapulting prices higher. I have been mentioning that price would most likely cross through the daily cloud around the 3rd week of June (19th-23rd) if it is to do so, and this chain of events would create such a situation.