In our update we posted that 6650-6780 was an important zone to hold. It held nicely forming, as Gillian pointed out, a higher low from the last swing. MarcPMarkets posted a current trade setup which has not triggered yet which you can find here.
The chart is starting to show a different trend pattern and if you look closely you can see it form over the past week or so. Bitcoin' is consolidating in a tighter range over a slightly greater time frame. If you look back there was consolidation and then a whip saw type move in either direction similar to what we are seeing in the stock market. When we see these types of moves we just stay neutral and let the market gyrate until it finds its epicenter. Have we found that yet is anyone's guess, but the fact we are side stepping above the critical 6615 level, have not retested the 6427 level, and this area has a significant number of overlaps, adds some weight that we may have bottomed.
I also added two shorter term levels at 6873 and 6997 which we posted a couple days ago in our update, which are the levels I personally am looking to break which coincides with Marc's analysis.
Please keep in mind we can always move lower and the significant levels have not changed. As previously buyers were stopped out or are holding positions (such as I am) at higher levels you become more conservative as we have. You are not so eager to just jump in and this leads to a tighter consolidation range. Bitcoin' moves up, but as buyers are unsure it stalls and retests the support level. We many times see at bottoms the support level hold, the next dip is slightly above the previous and so forth. This provides weight that we may indeed be seeing a bottom here. This is even more probable as there are numerous overlapping fibb levels here. A lot of them too.
I added when Gillian originally posted her article and am still holding that position. If you did not add MarcPMarkets has a nice trade setup that has yet to trigger.
As we have been posting our adds in other alt coins like OMG' and Wabi', we are looking here for longer term positional entries. The Bearish screams are becoming less and less loud and fear is starting to turn to hope, which often turns into a bull run. Have we turned the corner yet? We are never 100% sure, and if you are buying crystal balls at the flea market, you will most likely be disappointed. We must rely on probabilities and market reaction.
The chart is starting to show a different trend pattern and if you look closely you can see it form over the past week or so. Bitcoin' is consolidating in a tighter range over a slightly greater time frame. If you look back there was consolidation and then a whip saw type move in either direction similar to what we are seeing in the stock market. When we see these types of moves we just stay neutral and let the market gyrate until it finds its epicenter. Have we found that yet is anyone's guess, but the fact we are side stepping above the critical 6615 level, have not retested the 6427 level, and this area has a significant number of overlaps, adds some weight that we may have bottomed.
I also added two shorter term levels at 6873 and 6997 which we posted a couple days ago in our update, which are the levels I personally am looking to break which coincides with Marc's analysis.
Please keep in mind we can always move lower and the significant levels have not changed. As previously buyers were stopped out or are holding positions (such as I am) at higher levels you become more conservative as we have. You are not so eager to just jump in and this leads to a tighter consolidation range. Bitcoin' moves up, but as buyers are unsure it stalls and retests the support level. We many times see at bottoms the support level hold, the next dip is slightly above the previous and so forth. This provides weight that we may indeed be seeing a bottom here. This is even more probable as there are numerous overlapping fibb levels here. A lot of them too.
I added when Gillian originally posted her article and am still holding that position. If you did not add MarcPMarkets has a nice trade setup that has yet to trigger.
As we have been posting our adds in other alt coins like OMG' and Wabi', we are looking here for longer term positional entries. The Bearish screams are becoming less and less loud and fear is starting to turn to hope, which often turns into a bull run. Have we turned the corner yet? We are never 100% sure, and if you are buying crystal balls at the flea market, you will most likely be disappointed. We must rely on probabilities and market reaction.
Comment:
Zone support for bullish move to remain in tact as we consolidate here. Breaking through the 6615 support level would be bearish and I will close my trade.
Comment:
We mentioned over and over that trading margin is dangerous. Here is why. If you buy BTC at 13k and it goes down to 6000 as long as the fundamentals do not change you can wait out the market. With margin trading you sell and it pops like it just did it can trigger your stop, you may lose more than you risked, and you are now at zero. There is no waiting for the market to recover, its back to doing dishes.
