Hey guys, its been a while, hope we all are doing great......
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 resistance area 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 volume amassed within this accumulation area.
Price action will remain bullish 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 trendline support may send us back to retest the $6000-$5800 psychological support area 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 support area and then bounce back strongly to give us another bullish inverse head and shoulder formation just like we saw in Mid June 2018 IMO.
However, we remain in the bearish 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 support area so that the whole market can continuously move up from there.
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 resistance area 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 volume amassed within this accumulation area.
Price action will remain bullish 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 trendline support may send us back to retest the $6000-$5800 psychological support area 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 support area and then bounce back strongly to give us another bullish inverse head and shoulder formation just like we saw in Mid June 2018 IMO.
However, we remain in the bearish 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 support area so that the whole market can continuously move up from there.
