BTC - Needs to break past the side of the channel at 6400

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC - Needs to break past the side of the channel at 6400 to start a new up trend.
its really around 6300 but moving past 6400 shows BTC can get to the 7K area.
Comment: The channel has held since 5/5/2018 so breaking out of it at 6400 is a good sign indeed
Comment: What happens if BTC does manage to move past 6400 today ?
Good Question: I believe we are still going down and will touch the 4800 area at some point - But If BTC does manage to move past 6400 currently and reaches 7k then this will just be a relief rally to bring in new funds. These are some stingy bears but they also do need a fresh influx of funds to come in .

From 7k The bears could then pump BTC to just under 9000 around (8900) to trap new buyers and then proceed to drop it lower to the 4800 area to shake out weak hands. This 4800 area is where I'm expecting a full bounce.

On the other hand if we don't make it past 6400 today, this weekend or early next week I'm expecting we will continue down to the 5400 area.

Comment: Next up 6607 then we see what happens at 7035 .


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