so from today, and for the next week or so, is the most important time for btc , which will decide its way up or down.
check resistance each level.
we penetrated daily 50ma, now resisted at 100ma.
we have the downtrendline resistance at 6820 and 6930, if we manage to go over that we have the line resistance at 7150. after that daily 200ma is 7300ish, finally weekly baseline is at 7800. i believe if we manage to surpass daily 200ma, it is a very good sign that market is reversing, if we manage to even surpass weekly baseline at 7800ish, go up to 8k, pullback only to 7800ish, we will be very much likely reversing from then to upper levels. alts are jumping, especially ripple and stellar lumen, which indicates a good signal, so we can think that these alt coin bottoms can be put. however, many alts are still in their downtrend descending triangles, which, we cannot be sure with their confidence. as we see btc , its good to see this as a pattern, which, in the end, will reward us. for that, i still think a drop to 5k~5.4k is still in the cards, BUT! if we manage to go over 7800 and to 8k, i believe the had already made a jump, do not need much more bottoms from then. if we breakdown from here, below 6100, we will test 5k areas.
so as i commented before, if we break above 7.1k, we can buy at pullbacks(better 7.3~4k), or we can wait for the market to drop more. if we see clear bear divergence we open shorts. 1~2week from now, will be very, very volatile, which, the market would go in one way. heavy drop , or heavy bull run. observing the indicators, which i cannot believe too much, tells that 6.8~7.0k area can be the top price for this move. but who knows. btc , we should never undermine, or your shorts get stoplossed. for now, i do think btc will try a higher high above 6800 in coming days.
i need to take some time to observe more, see where the direction would take us. i will upload any trading plan, long or short in comments. please feel free to ask any questions.
i sold my shorts at 64 zone now. 4hr stoch has bottomed, potential bounce can come from 64 zone. pink box for short entries, blue for long entries. check price level.