Alpo_

BTC/USD - Higher High or Rejection? [ Neutral Stance]

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC /USD -

Currently we are finding some nice resistance at a very expected level, the market looks really healthy and alt coins are setting up nicely although BTC can easily get rejected here and bring the market back down with it.

We can see on the chart above, we have to create a higher high which would need us to close above $6,800 and continue to find support on that key level.

If we don't make a higher high here on the daily over the next few days we will drop dramatically as the market will take that as a rejection and buyers will get exhausted.

If we do make a higher high I do expect us to approach the larger downtrend line and run into resistance around $7,500 - 8,000 were we will be either making a higher high or making an over all lower high and continuing in the trend that has been forming since February!

I will play this both ways, if we get rejected that would put me back into USDT or another hedge, if we make a higher high I will be taking some good mid term positions up and trading to build my satoshi value.

Peace out - @AlpoCrypto

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