BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
BTC is creeping towards the very strong resistance level of 6000-6300, with current market uncertainty it is not yet clear if the level will be broken or not. News on tether and bitfinex will influence if we break the level, although lot of it is already priced in with the knowledge that 40% of capital is already moved off Bitfinex. While the case will be cleared next week manipulation by institutions goes on.

Although there are many signals that price will turnaround at this level.
Bearish
-bearish divergence on RSI
-bearish divergence on volume
-weekly 13 TD sequential candle (sell setup)
-dayly 9 TD candle
-Strong resistance level and trend line
-Greed indicator of 69

Bullish
-price action, still hh and hl
-fidelity opening
-FOMO
-tether value moving into btc
-a LOT of shorts, which will be liquidated if we break 6300, when that happens it means that the bullish institutions are doing the money dance.

Best to do right now is have patience and not fomo into BTC , the trend cannot continue forever we need a correction. Best option is to short in the 6300 range after we see a rejection of the level and a retest. And when the NVT goes back to white (look at nov-dec it indicated the drop ).
If we drop target T1 5000 as first support and T2 4700 (20weekly SMA )


Let's see how it goes! I am out for now!



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