Expanding on my idea from earlier, I am further convinced we won't go past 6440 before continuing our descent. This bounce was expected off the fib, but Bitcoin was kind to give that much.
Volume is extraordinarily bearish, and last time we stalled at this price we saw a quick and violent move down to the 6190 support - from which I am not sure whether or not we will bounce again.
One thing is clear - we are fast approaching Bitcoin's make or break stage long term, and I wouldn't mind a triple bottom around 5900.
Also something to note, Ethereum is rejecting off of the top of it's current Fib channel - about 214.
There is nothing about the market as it stands to indicate to me that we are bullish. Nothing.
Now, for the good news. We are rejecting off the bottom of an UPTREND Fibonacci channel on some other timeframes. This means that no matter how weak Bitcoin may seem right now, overall I believe we are beginning to explore a gradual bullish channel - but this is not something to trade on right now!
Good luck, traders.
Volume is extraordinarily bearish, and last time we stalled at this price we saw a quick and violent move down to the 6190 support - from which I am not sure whether or not we will bounce again.
One thing is clear - we are fast approaching Bitcoin's make or break stage long term, and I wouldn't mind a triple bottom around 5900.
Also something to note, Ethereum is rejecting off of the top of it's current Fib channel - about 214.
There is nothing about the market as it stands to indicate to me that we are bullish. Nothing.
Now, for the good news. We are rejecting off the bottom of an UPTREND Fibonacci channel on some other timeframes. This means that no matter how weak Bitcoin may seem right now, overall I believe we are beginning to explore a gradual bullish channel - but this is not something to trade on right now!
Good luck, traders.