There has been not much to write about on our #BTC price action since our last update few days back.
I actually did expect a reversal from the $6800 as explained in our last #BTC update.
Well the reversal confirmation didnt take long to play out immediately price touched $6842, just near the 0.618 fib retracement level.
Right now, price has retraced back to the magnetic zone area where we are expected to consolidate for a while before another leg up or down as the case may be depending on amassed within this accumulation area.
Price action will remain in the short term if we get a bounce on the uptrend line support at $6300 area to give a continuation of our higher low formation. A break below this support may send us back to retest the $6000-$5800 psychological which has held strong since feb 6 2018.
On the flip side, i wouldnt be suprised if this present correction extends to retest the $5800 and then bounce back strongly to give us another inverse head and shoulder formation just like we saw in Mid June 2018 IMO .
However, we remain in the zone unless we have a break and a close of the candle above $6800 to give us our first higher high in 11 months.
Keep in mind that a break of the current market structure (a break below $6000-$5800) will cause mass panic that will make all $6k hodlers to panic sell, thus sending the whole market into a new crypto abyss
Lets Hope the Bulls are able to defend the $6000 so that the whole market can continuously move up from there.