Price has so-far failed to close above the key resistance/support level (red) despite numerous tests.
This has proven to be a key level which can be visualised in the 1D chart below.
has failed to close above the .618 fib level (blue), the only test resulted in a strong rejection.
Historically cycles have reversed at the . level of the previous cycle, I have no reason to assume it will be different this time, especially when it is so close to such a key .
The year-long downtrend is currently $525 dollars away (black dotted).
I am still expecting positive altcoin movements.
Will add to my short if the price revisits 6800 and plan to add again if the 6535 becomes resistance.
Prices of interest
Target 1: 6555
Target 2: 6450
Target 3: 5790
Target 4: 5350
Follow me on Twitter for occasional FA and plenty shit posting.
No major position changes but taken some profits last week and managed to get some asks filled on that wick up. Avg entry is now 6707.
This has turned into a range play and therefore will only update when this position is finally closed out to save on spam.
(Chart shows Finex premium, trade was on Deribit)