As you can see in my more detailed analysis, I expected an upward movement of around 6900-7000 with a later potential of up to 8000. However, it is worrying that we have a repetitive movement very similar to that which took place around 6600-6900 last week. I'm afraid that the final of this consolidation will be a big downhill ride around 5000. That's why I personally close my "Long" positions and wait for the situation to develop.
Comment:
zone 6200 acted as a support and as you could see yesterday we had a big upward impulse what I expected. The current situation is as follows. BTC is struggling with resistance at 6600. After reaching the level of around 6800, there was a demand buzz what we expected (area from a green rectangle) Personally, I bet that we will see a bigger correction but it's too early to be sure. We will see how the situation develops in the coming hours.
Comment:
The current situation may develop in the one we were dealing with 18-19 FEB 2020