Today a small update on the price-action of BTC . Let’s get straight in to this.
we've seen a lot of red this week, what are important things to look at?
-It’s good to see that the sell-off from yesterday wasn’t that big if you compare it with last month. We are holding strong at a relatively strong (6.2K). A that we’ve tested multiple times in the past back in the beginning of June and July. If were not holding this at +/- 6.1K, 6.2K, were going down to 5.8K for sure.
-On the other hand is the reverse head and shoulder pattern creating himself. For those who don’t know: this is a very sign. That means ofcourse that we now have to go back up again to 6.8K. If we go back up to 6.8K and go through that huge , then we could possibly see a run to 7.8K.
-We can see on the graph below that we have had constantly lower lows since may. If BTC hold strong at the on 6.2K, that would mean that we could possibly see for the first time in a long period higher low!
-We can see that there are still a lot of people who are going long on BTC . We’re holding strong at that small support line, it would be great if we see a rise there aswell.
(graphs of people who are going long and short on BTC ).
- If we go under 6.2K--> no reversed
- If we go to 6.8K, don’t trade before we’ve past that level, we've failed there to many times in the past.
- If we go down, wait to trade under the 5.8K mark
- If we go down under 5.8K, we could possibly see a new low at 5K.
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My orders are my thoughts, this is no financial advice!