BTC has reached the Linear resistance line on the chart, but it is still far away from the logarithmic resistance line. That's why I believe there are 2 possible outcomes for BTC in the coming days/ weeks. Or we will see a big correction or we will see a new All time High, I do believe that the China dip is still very very fresh on the BTC chart. So I believe there is a bigger chance of BTC to go up.
We have reached the linear resistance line so a small correction is very logical. The important price range to watch for me is 5500-5450 (fibonacci). If we break that i wil open a short position untill we reach the support line. If we don't manage to break 5500 I believe BTC will move upward to the logarithmic resistance line.
Any way I am not opening any new positions at the moment untill I have a very clear view on where BTC will head to, when it gets close to 5500 or if it gets close to it's All Time High.