BTCUSD Short term scenario

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
A more thorough analysis of the Short term situation is presented on this chart.

If BTC manages to break through the resistance of $6500 and consolidate itself higher, then the price will have the opportunity to test the level of $7000. However the more probable opportunity is a slow and small rise after which there will be a decline to the lower edge of Ichimoku cloud . In case of not overcoming resistance to the support range $6100-6000. The next step will be a reduction to the long term critical support around $5600-5900 up from which there will be a gradual rise which was described in the previous analysis
Trade active: #BTC

In our previous analysis we forecasted the possibility to break $6500 resistance level. It has happened today.

If the price manages to break through the resistance of $6800 and fix above it, then BTC will have the opportunity to test the level of $7000-7100. Where rollback should start. However it is a sign of started uptrend with healthy corrections.

In case of not overcoming the resistance, there is a high probability of a subsequent decrease like in the short term analysis.

Overall BTC follows our recent forecast and it is a good situation for the whole crypto market
Comment: The arrows are only schematic the movement will have the drown pattern
we are in the 1st stage breaking through resistance
the 2nd is a decrease
Trade active: The price movement replicates our forecast arrows. The price moved up from the channel then after sideways trend moved down, again up and now after some sideways movement we expect a decrease.
Comment: BTC perfectly follows our analysis, after the price touched the resistance of $6800 level, the market does not have enough strength to move higher.
Now the price down to the level that was the recent local resistance which now acts as a support. There is a high probability of breaking it, according to our previous signal for short position on BitMEX. If this happens, then we can again face with a downtrend like it was forecasted in the short term analysis.

Be cautious, altcoin markets also do not show positive moves right now, as BTC instability brings uncertainty for investors.

The possibility of a further BTC growth, we need a rebound from the current level of $6500 to the zone above current resistance. If this does not happen, then our short position and BitMEX signal is in power the price should move to area of $6300.


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