6.85k is a strong support so it is a good place to expect some kind of recovering
In addition, bear momentum has exhausted.
Im expecting a recovering to minimum 7.4k.
Note: this is discussion post, not financial advise
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1- why made bitcoin to rally last July ? bitcoin ETF
2- what made bitcoin to dump for over 8 days straightly despise all of positive news ? expected delaying of bitcoin ETF
3 - why can't bitcoin break 6760$ (well not sure yet) ? if it breaks, be prepared for below 6k$ sooner or later.
if it can't break, this shows that FUD price is already in . We are in a strong uptrend because of a lot upcoming positive news
In conclusion, don't listen to any FUD/HYPE. Try to think logically to win this game and use the chart as your weapon :)
The reason why we are consolidating around this area is because this area has high volume trading from before.
So if we can break out of this area, we need to face the next resistance around 6650$ . This area has a lot of resistance confluences (fib, ema100, ichimoku, bb middle ,...). However if we look at on volume profit, this area has low volume so the chance to break it is possible
then we will have to face tougher Psychological resistance around 6.8k.
if we can break it, we will see 6.9k-7k zone
Overall a lot of resistances to break T___T
. For the downside, break below 6.4k is the first signal and we all don't want that >>><<<
if we are still above 6400$, we can still expect further rally to 6.8k.
We are in heavy bear correction so we have to expect some pullback after reaching 6.62k before going up higher. Bull