bitcoin remains ultra bearish since we dropped from the 8.600 level at this moment so these are my targets to re entry this bearish market we didnt see any real volume so far, so i guess btc is not ready yet to go up, we might see some volume around 5.800 but im not convinced that the support of 5.800 will hold for the 3th time. On the chart above you can see my targets for btc
The weekly looks bearish The daily looks bearish The 4 hours chart looks bearish
On the other side if we keep manage to close above 6k we could probably see a rally towards the 7k region again.. but im not convinced that this scenario could work out because the charts are looking really bad.
keep caution trading this really nasty environment.
Comment
⋅
So bitcoin has found some support around the 6200 area What can possible happen next ?
Two possible scenarios:
if we stay above 6200 that could possibly be a short term buy opportunity if we close below 6200 that will give us some selling pressure wich will give us another move down.