The price is currently facing a lot of resistance. The key resistances are the Gann Fan resistances, circled in green. If the bulls cannot get support above 8772 within the next 4 hours, it is likely that they will lose this battle to the bears. In my opinion, any downside is limited to 8250 at the moment. Next week, it is very likely for the uptrend to resume. I believe the sideways is a trap to draw more speculators to the market and get them to leverage their Bitcoin, only to wipe them out. Let's be practical and take it one step at a time. Swing trades should not be taken here. Only scalps.
ONLY IF THE BEARS TAKE IT BELOW 8250 WILL THERE BE A BEAR PARTY. OTHERWISE EXPECT THE BOTTOM OF ANY BEAR MOVE TO BE AROUND 8250.
For a scalp short, it is likely for there to be a corrective bounce near 8400
ONLY IF THE BEARS TAKE IT BELOW 8250 WILL THERE BE A BEAR PARTY. OTHERWISE EXPECT THE BOTTOM OF ANY BEAR MOVE TO BE AROUND 8250.
For a scalp short, it is likely for there to be a corrective bounce near 8400
Trade closed: stop reached:
This is likely to push up to 8900's. I flipped long for a scalp. I may or may not short later.
Comment:
Failure to stay above 7880 = bears dominate until at least 12:00. Currently in a short trade
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