The bulls have managed to regain some control after refusing to let BTC fall below the key support level of $5,800.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. Were still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level well be looking to short back down to $6,000 and possibly below depending on how the price unfolds these are our musings but it is still too early to tell.
Yesterday, price did again test yearly lows, wicking $5,860 before being propelled higher to the top of the range at $6,550 which we currently find ourselves in. On the 4H we have made a double top and price has again wicked the higher extremity of $6,636 - if you dial down to the 1h, you can see that a small sell off happening.
This is to be expected after a 13% surge in price from the lower end of the range. Were still printing lower highs and lower lows and the trend is still bearish but as we come back down, it will be important to see how BTC interacts with the $6,200 range.
If we enter into sideways consolidation here as we have done so previously at this level, we will be looking closely for signs of strength to indicate a leg higher, pressing up to $7,000.
If we break through this level well be looking to short back down to $6,000 and possibly below depending on how the price unfolds these are our musings but it is still too early to tell.
Yeah it's still in the indecision. I don't think it's going to get much lower though just because there's a lot of money in mining that needs it to stay above 6k. So they'll defend it in the interest of protecting their profits from being sabotaged.
There isn't any fundamental reason coming anytime soon to drive it up either. So I'm not going to be surprised if it bounces between the 6,200 -- 6,800 range for the next several days. Unless of course someone decides they need to protect their fiat from losses and use bitcoin to do that