BTC has been moving sideways for some time.
We have seen the price bottom in the 5700s twice before moving back up to our current price.
If you look at my previous chart - I almost perfectly predicted our current price and time.
The major resistance points are 6800 and 7200 - we need to break through 6800 in a convincing fashion before we move into the 7200 range and up from there. The current pattern is showing a reversal of trend for the immediate short term.
The Bottom Line
Bitcoin is set for a minor correction. Judging by the current pattern and the amount of buy pressure it looks like we will form a right shoulder around 6200-6300. I expect to move sideways as we clear out the resistance at 6400 before making a more convincing run at 6800. The current play is to try and sell as close to 6700 as possible and buy back in as close to 6200 as you can. This is obviously a risky trade and assumes that there will be a right shoulder. If you can't keep an eye on the volume all day - I recommend you don't try this. If you are waiting to buy in with USD - I would aim for the 6200-6300 range.
I don't think we will drop below 6000 - there is a possibility that we trace back to this level in the short term before we make a more convincing rally - but we will more likely band around 6200-6300 for a day or two before we change directions.
We have seen the price bottom in the 5700s twice before moving back up to our current price.
If you look at my previous chart - I almost perfectly predicted our current price and time.
The major resistance points are 6800 and 7200 - we need to break through 6800 in a convincing fashion before we move into the 7200 range and up from there. The current pattern is showing a reversal of trend for the immediate short term.
The Bottom Line
Bitcoin is set for a minor correction. Judging by the current pattern and the amount of buy pressure it looks like we will form a right shoulder around 6200-6300. I expect to move sideways as we clear out the resistance at 6400 before making a more convincing run at 6800. The current play is to try and sell as close to 6700 as possible and buy back in as close to 6200 as you can. This is obviously a risky trade and assumes that there will be a right shoulder. If you can't keep an eye on the volume all day - I recommend you don't try this. If you are waiting to buy in with USD - I would aim for the 6200-6300 range.
I don't think we will drop below 6000 - there is a possibility that we trace back to this level in the short term before we make a more convincing rally - but we will more likely band around 6200-6300 for a day or two before we change directions.