After dropping down to a lower low yesterday with little follow through, we have a battle to try and establish support.
Previous resistance in the low $6,800 range is currently acting as support.
Looking for a potential 4 hour lower high to be set this morning and for the range to continue to tighten.
We should get to a point where a bull break will clear EMA resistances, but RSI levels will also all have cooled off for the potential of another leg down.
The BTCUSD Shorts chart is still very extended and we will see shorts have to cover if we do get a bull break.
Currently in a small position and the more clear the equilibrium gets, the more traders we will see act on it when it breaks.
Previous resistance in the low $6,800 range is currently acting as support.
Looking for a potential 4 hour lower high to be set this morning and for the range to continue to tighten.
We should get to a point where a bull break will clear EMA resistances, but RSI levels will also all have cooled off for the potential of another leg down.
The BTCUSD Shorts chart is still very extended and we will see shorts have to cover if we do get a bull break.
Currently in a small position and the more clear the equilibrium gets, the more traders we will see act on it when it breaks.
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