jadz61

1 DAY BTC Chart - 6K How Much Longer Can She HOLD?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello All,

Today I'm taking a look at the 1 Day chart on BTC . As you can see we are the middle of the range of this really long wedge that has been forming on the daily chart . We have consistently found support at the 6K range give or take 100$ higher or lower, but how much longer do we have before a real choice is made by the markets. Over my trading experience the more we keep tagging a level the weaker it becomes. Given that so many market participants have gone long around this point, we really in my estimation have to throw the book out on where the market can go if it breaks. But that is yet to be seen but we are approaching that scenario again if we cant get a solid bounce soon with some volume backing it up. Currently I'm in NO TRADE MODE as I need to see more information on where this market wants to go. Just stay aware and be careful as we know BTC can choose and move really fast in either direction.

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Hello All,

That was a very violent close to the BTC futures contract expiration. What a bounce off the 6100 but we still need to wait for more confirmation. The 4hr close was for sure a good sign over 6400. Now lets continue to be vigilant and observe what happens next for clues about the future.
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Thank you for your impute sir. Yeah real Dumb Zone now, where a lot of people will get Rekt soon regardless of price action. Personally i think we are going lower soon, but I cant back up trades by my belief, so waiting on sidelines.
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