Everyone, including the top authors, is obsessed with the 6000 level. However, they aren't seeing the bigger picture. That is NOT the level you need to watch. The trendline that has held since July of last year is sitting at the 6400 level. If bitcoin breaks this then, yes, a bounce at the 6000 level is likely but any upside is going to be rejected once the price reaches the former trendline.
I am bearish so I think we will ultimately break the 6400 level but wouldn't be surprised if we bounced and then broke down and through the trendline. If we break it and buy at the 6000 level you'll lose money if you plan on hodling.
We hit the trendline and paused but it looks like we will soon break it.
Smoak
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Let's see if the trendline holds...looks to be around 6485 level.
Smoak
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I still think we may see 7800 but be prepared for a possible drop back to test support before we do so. This would take us back to the 6900ish level which would be a $500 drop.
Smoak
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Hard to tell what move bitcoin is going to make but it makes sense for it to go back down. However, in looking at this some more, there is a good possibility for us to bounce off the blue support line and make our way to the 7800 areas before we get the next big drop.
Smoak
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Note: On Kraken, the same trendline was at the 6900 level and it did not hold. I noticed the same with the trendlines when we broke through the trendline and reached the 12000 level.
An alternate scenario if we drop through is that we keep going higher but have the trendline acting as resistance until we get a breakout and then head back down. That would be our range bound scenario.