Three likely scenarios for bitcoin within the next few days.
Scenario 1: To turn bullish again, bitcoin needs to break the falling resistance around 9100. This will get bitcoin out of the falling channel.
Scenario 2: Bitcoin touches the resistance and crashes hard as the previous two lows. If bitcoin breaks the 6k resistance, the next stop is 4k and that would not be good for the community. More hope will be lost and the recovery will take much longer.
Scenario 3: Bitcoin falls to the 6k level and bounces again, forming a nice double bottom. This will show that bitcoin is still strong and in the game.
Scenario 1: To turn bullish again, bitcoin needs to break the falling resistance around 9100. This will get bitcoin out of the falling channel.
Scenario 2: Bitcoin touches the resistance and crashes hard as the previous two lows. If bitcoin breaks the 6k resistance, the next stop is 4k and that would not be good for the community. More hope will be lost and the recovery will take much longer.
Scenario 3: Bitcoin falls to the 6k level and bounces again, forming a nice double bottom. This will show that bitcoin is still strong and in the game.
Comment:
Bitcoin is looking heavy. Advise not to place any short or long trades at the moments