August 04, 2018
BTC is currently on a slow grind up within the current consolidation zone between $7,500 and $7,250.
Were currently printing higher lows as we march towards the 0.236 fib level but it would not surprise us to see a bearish retreat and retest of $7,265 level as we could potentially be in a bear flag pattern.
We would view any break and close below $7,200 as a shorting opportunity to around the $6,860 level.
On the other hand, if we witness some convincing buy volume at the $7,200 mark, we would consider going long with targets as high as $7,800 but more conservatively, would look at possibly exiting at $7740 or even $7,520 depending on the bullish momentum.
Your analysis is good but for me keep patience to hold and not create transactions at this moment is better. This situation is not good, down trend is still running and maybe need more time to up again. I don't see any perspective that can make bitcoin price go up again until end of the years. Let's hope my analysis is wrong and we see bitcoin rise again.