Anyhow, the Bulls are respecting the to the letter. I doubt they can hold out much longer.
The Bulls are running head-on in to the Sinister Rouge (4HR) which is offering serious selling pressure and Acid Rain (see on above Chart). And the 12 Day on the 1HR is providing more resistance. Unless we get some Whale soon or the some good Fundamental News etc, the Sinister Rouge will come back for more - to even the score.
The Bulls are trying NOT to close a 30min or 1HR candle BELOW $7485; the Bears are hoping the Bulls misstep or have a lapse in concentration.
I'm not Shorting quite yet because I never underestimate the BTC Bulls...but we could be visting $6900 soon than most expect, sorry to say.
The next few hours will be telling.
Stay sharp .
Will Bulls be able to hold on? Or will the Bears overpower them to the downside first?
If we fall, first Support will be $7340. Then $7200. If we break $7200, we're heading to $7000 with the likelihood of a break-through to $6800 soon after.
...and out come the Wolves
Though notice the declining Bull Volume and Sinister Rouge Cloud bringing a headwind for the Bulls - but they haven’t shied-away from a fight yet.
Heading into the Weekend, have the Bulls left their move too late..?
Bulls are battling for a Daily MACD Bull-cross, which we aren’t too far from.
This fight could go either way, but I’m leaning 60/40 in favour of Bear right now.
A few hours ago, we started a new Day. We're forming Higher-Highs (very slightly) and Higher-Lows (at this point!), and if the Bulls can maintain this kind of Equilibrium Pattern, and with a MACD Bull-cross looking likely very soon, then Bulls are looking okay on the Daily, IMH0.
And we then hit that $7340 support perfectly. We could form a little Bear Flag now (2HR).
We might try to re-enter the Wedge. But we’ll likeky be rejected, and then visit $7200, and below.
Frankly, I now hope we lose that $7270 higher-low ASAP because I want to get the downside pain and then capitulation over and done with... so we can then begin an new Bull-run with Vengeance.
It’s midnight here. I look forward to seeing the outcome in the morning.
Good luck :-)