As we can see, we spent 16 days to break the $6600 resistance in August , the $6600 level had turned into support level.
Until btc crashed suddenly from $7400 to $6100, $6600 level has broken again and has turned into resistance level now.
At this moment, I think there are lots of traders who bought near $6600 are going to close their long positions in order to minimize their losses as a means of risk control. Moreover, some bulls who bought at $6100-$6300 are also going to take profit near the resistance level $6600 . Therefore, we can hardly break this level without spending ~16days or even more time to digest those sell orders at $6600. I expect a pullback to $6150- $6300.
These are my detailed thoughts about btc and that's why I have recently published a idea to short btc at $6500-$6600. Thanks for your supports.
Until btc crashed suddenly from $7400 to $6100, $6600 level has broken again and has turned into resistance level now.
At this moment, I think there are lots of traders who bought near $6600 are going to close their long positions in order to minimize their losses as a means of risk control. Moreover, some bulls who bought at $6100-$6300 are also going to take profit near the resistance level $6600 . Therefore, we can hardly break this level without spending ~16days or even more time to digest those sell orders at $6600. I expect a pullback to $6150- $6300.
These are my detailed thoughts about btc and that's why I have recently published a idea to short btc at $6500-$6600. Thanks for your supports.
Trade closed: target reached:
what do you think?
