BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
News
- Crypto Industry Reps, Lawmakers and V.C's to disguss regulations. (https://cointelegraph.com/news/us-crypto...)


Analysis
- Bitcoin broke down after failing to follow through past resistance @$6828 which was the zone I said to watch out for.
- The sell-off triggered stops and liquidated positions though it wasn't too extreme.
- We broke Exponential Support and are currently waiting for some consolidation.
- All of the lower-mid timeframes are oversold with the 4hr just barely touching it.

Bull Scenario
- Bitcoin holds $6400 and this is our "Higher Low" with $6800 being our "Lower High".
- We consolidate and make another push up to $6800.

Bear Scenario
- Bitcoin fails to hold $6400, $6200 (Our previous "Higher Low" and we retest the lows of $5800.

NOT FINANCIAL ADVICE

As far as what I'm doing, I closed my short position (ETH) and am going to wait for another day unless Bitcoin . If you're still looking to buy in, dollar cost average and scale your orders. The pattern to determine the rest of the year is going to occur within the next week or two. After ETH crashed I started trading that due to it having more volatility . That said, Bitcoin is still king and I refer to it to get a better idea of what will happen. ETH can have a great setup but if BTC reverses then ETH will follow suit and the setup is dismissed.
Comment: *unless Bitcoin makes a significant move*
Trade active: Entered a Long on BTC ($6380) and ETH ($209).
My target is the 12 EMA on the 4hr which rests right around $6500.
I'll be closing my ETH at the same time as my BTC regardless of where it's at.

Pictured here is the 1hr to show the price action.
Closing and holding above $6400 is what we want.

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