A lot of people are expecting a reversal around this area 6500-6800; but right now the market seems to form a descending triangle pattern. This, usually, is very bearish. I cannot say if it reverses now or not, nobody can for now. Let's follow the market and wait for signals. Bounce back or breakes. Patience!
We just broke $6800 is the beginning of a reversal?
DragosAlexandru
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@Derekf425, let me clear. for know is a stay away from a daily point of view. 6500-6800 is more like a zone. falling under, this could make a lot of people freak out and bearish trend be very strong. For going long we need confirmation, in the next days, we need to see bulls strong, with a powerfull candlestick formation.
Derekf425
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@DragosAlexandru, What if we break about $6900- $6950 you think a short term pump to $7200 before another drop?
DragosAlexandru
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@Derekf425, like the beginning of april. yes, it is possible, but nothing certain. if it is to reverse now and go back up that is the area where could be some problems in going further. from there on, we can talk when we arrive there. depends on momentum, market psychology. when we reach that area of price we have to see formations, or patterns+RSI on smaller time-frames, which can guide us and tell us if it can go further up or no.