THookerTrading

Major move up coming soon?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Despite dancing around 6250 level for quite some time we saw BTC drop to support at 5850, which was a previous resistance point previously this year. As the price movement jumped through the trend line to the downside, I am more skeptical of the recent uptick in price. The trend line is still in play in my opinion and a move up will only come if it shows strength if 6250 is retested.

If we approach 7000 again, we must see a movement up. Otherwise we could see the formation of a second shoulder on the 4H chart which would increase possibility to the downside.