Here's another update on BTC:USD to keep you in sync with the market and figure out what it's going on.
Starting it off with the weekly time-frame you can tell we are currently trading dangerously close to the $6000 which has been our long term target for months now. Even though these market conditions are meant for long term investing and are not suitable for margin trading, we'll be covering the key levels and potential targets for you to keep in mind regardless if you are planning to invest or margin trade.
The key levels for the weekly time-frame are still holding pretty well since the last analysis. After failing to break above $8000 resistance for three weeks in a row we broke below the $7333 psychological level and immediately plummeted all the way down to $6400. Should we keep this momentum I expect BTC to reach $6000 or even $5600 ( correlates with the 200 ) and thus full-filling our long awaited target.
For the short term targets, what goes down, must come up! - That's how this market works. With that being said, on the daily time-frame we've been forming higher lows for past few days now thus forming a , if BTC manages to break above it could be heading towards 7600-7800 once again, if this plays out as it should it’ll give out a better opportunity to short it with a tighter stop loss and a better RR ratio.