Good Afternoon,
Bitcoin 0.03% has been very choppy as of late. On the 6 hour, we did retest the orange support turned resistance block which acted as a fake-out range/stop run in early April and proceeded downwards into the middle of the current range. On the 1 hour (pictured in comments), we've been trying to convincingly break $6550 with no luck. While the daily is oversold and other indicators are sell-exhausted, I believe we head lower to retest the lower bound blue support to draw in shorts, fake out potential longs, and proceed upwards to the orange box as a starting point for some some short term relief. Lower time frames are unconvincing of immediate upwards momentum, which is why I believe we fall lower unless we break the current chop soon. However, we have very strong support below and a serious breakdown is doubtful without some retests of the bigger range pictured.
Written By:
Philip Raytburg
Bitcoin 0.03% has been very choppy as of late. On the 6 hour, we did retest the orange support turned resistance block which acted as a fake-out range/stop run in early April and proceeded downwards into the middle of the current range. On the 1 hour (pictured in comments), we've been trying to convincingly break $6550 with no luck. While the daily is oversold and other indicators are sell-exhausted, I believe we head lower to retest the lower bound blue support to draw in shorts, fake out potential longs, and proceed upwards to the orange box as a starting point for some some short term relief. Lower time frames are unconvincing of immediate upwards momentum, which is why I believe we fall lower unless we break the current chop soon. However, we have very strong support below and a serious breakdown is doubtful without some retests of the bigger range pictured.
Written By:
Philip Raytburg