FX.co ★ Analysis of Gold for June 16,.2021 - Inside day formation and potential for bigger drop towards $1.810

Technical analysis:

BTC has been trading sideways at the price of $1.584 but there is potential for the breakdown of the inside day formation and downside continuation.

Trading recommendation:

Watch for potential if the price breaks the level of $1.846.

Downside target is set at the price of $1.810.

Stochastic is showing negative reading without signs for reversal....

The main cause of the current downside cycle is the lack for buying power and breakout of the mini upside channel in the late stage of the bull trend....