We are currently range bound in a hold-your-position or no trade zone. (Yellow Triangle)
This will play out by the end of the weekend as it represents the end of the range.
Watch for Fake outs.
- Reasonable support established in the $7600-8000 range off the back of a c.60% up move from the $6k lows
- Interest appears to be returning and the FUD articles are fading
- Arguable Inverted bottom has formed
- Reasonable prior week candle close (good but could have been better)
- Measure move Targets for this would be $11k + where additional resistance is found but this requires a break of the horizontal and - very strong diag resistance
- Dumps have been met by large market buy orders and buy support below is strong
- is trending up
- Very strong levels of Horizontal resistance at $9-10k alongside multi week horizontal resistance.
- A lot of long positions were opened to support the dip to 6k with profit taking on the short positions; price has recovered off the back of this but has not been met by the bears, meaning that they have reserves in the tank to re enter, there is no short squeeze fuel and the bulls buying interest is fading.
- Generally the bid support on the exchanges is c.20% lower than where I would like it to be on an absolute level
- Fall out from the wider stock market would likely see investors pull out into less risky asset classes. It would be difficult to defend a position in crypto.
- Mac-d Looks toppy
Hope this was useful.
We now need to see if the diag breakout can be sustained as any upward movement is met by immediate resistance.
I am still holding a small long position which i will sell into the horizontal resistance.
any breaks to the upside beyond 9500 i will re enter the market. any dtop to support and i will re enter awell.
All the other major coins effectively have similar charts and im playing them all the same.
Remaining cautiously bullish till resistance but suspect we may drif sideways throguh Friday and have an attempt at 10k on the wekeend.
Let me know your thoughts.