r0dentZA

BTC short term outlook

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin broke down from the short term bull channel that started on 1 May. As I am typing this we are testing the uptrend line of this channel.
Should a candle close above it we are back in full bull mode. My guess is it will probably be range bound between 9460 and 9680 for the next few days.
If the bears manage to break the weak support at 9450 the next test will be 9200. There is some support along the way but it is weak.
If support holds at 9200 we can expect it to rally to 9800 where it will face a little resistance. If that resistance folds we are breaking 10k.

If the bears break support at 9200, we might see 8800 which is the next major support. Or we can get stuck in the cloud and be range bound again.

I am currently long from 6900 and will exit if the bears take 9200 and wait for the next long. I am currently bullish but there are some key decision points ahead.

Happy Trading!!!
Comment: Wow, the bears did not disappoint and we went down below the Kijun Sen (Base Line) and 9200 for a moment.
The price bounced on the Senkou Span (cloud). The bulls fought back and is currently trying to break through the bull trend line that started on April 12.
I think we will retest the 9200/cloud support in the next 3 candles where it will be a battle again.

Happy Trading!!!
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