Since we confirmed the double top last evening, BTC has shown no signs of real strength. The rally today is extremely weak and we see no signs of strength in volume to confirm much of anything. We have drawn a long term trend line from the beginning of what we believe to be the next bull market, around the beginning of April. From there we can see the double top continuing to influence the price downward.
We are looking to enter a long position again around the low $6000 mark. We have a light support around $6800 (light green line), which was much weaker than the $7600 support and I suspect will be broken easily. The last support is now resistance, at the $7600 level (thick red line). We suspect this will be tough to break at the moment as this support was pretty tough.
We'd be looking to add to a position on a break of resistance at $7600 on strong volume and duration. If the price goes to the low $6000s, we will add a good amount to BTC to our position, waiting to see what the market does after that to add additional capital.
Good luck everyone. Keep a good eye on the Bitfinex and Tether scandal over the next week, it could throw salt in this very bearish wound that is now open. That could potentially cause a panic and a drop below $6k. Set stop losses and profit targets upon entering every trade. Rule #1.
We are looking to enter a long position again around the low $6000 mark. We have a light support around $6800 (light green line), which was much weaker than the $7600 support and I suspect will be broken easily. The last support is now resistance, at the $7600 level (thick red line). We suspect this will be tough to break at the moment as this support was pretty tough.
We'd be looking to add to a position on a break of resistance at $7600 on strong volume and duration. If the price goes to the low $6000s, we will add a good amount to BTC to our position, waiting to see what the market does after that to add additional capital.
Good luck everyone. Keep a good eye on the Bitfinex and Tether scandal over the next week, it could throw salt in this very bearish wound that is now open. That could potentially cause a panic and a drop below $6k. Set stop losses and profit targets upon entering every trade. Rule #1.