I love to boil things down to an essence.
Everytime BTC broke through one of the white support lines, it took an average of 6-7 days to achieve a new spike low.
Thus I expect BTC to retest 5.8k$ in the course of the next week, forming a .
is moving within the oversold range, so a bounce from there is not to be excluded.
Anyways, I don't expect 5,8K$ to be the bottom everyone is talking about.
During the 2k13/2k14 drop , we witnessed an overall retracement of around 85%, which in this case ,would bring us to the 2-3k range.
Thus we might bounce from 5.800$, attempting to break through the longterm resistance formed since December, failing, and have a capitulation taking place.
When it comes to trading and investing, market cycles matter big time.
They are not to be neglected, because they always repeat themselves, whether you like it or not.
Greed and optimism is always followed by fear, depression and capitulation.
Same goes the other way round.
As a good investor, you want to become greedy when everyone is being fearful.
You want to be fearful, take partial profits, when everyone becomes greedy.
For the majority of people, capitulation is related with huge losses.
For the smart investor, it is related with maximal financial oppotunity, because capitulation is where a new, positive, market cycle begins.
Have a great day!
Support level at around 6600$ needs to be watched.
Once this happens, 5,8k is inevitable.
Waiting for the hourly close.
If we close below Support, I'm going to add to my short Position.
No reason to be bullish at all.
Probably going to test 21 Moving Average as resistance.
Should watch for 7.000$-7100$, as a key resistance level, going to add short positions around that level.
Pretty similar to be quite honest with you.
Short term key levels/resistances to watch and expect a drop:
Anyways, I'm still very confident, that BTC will reach the afore mentioned price levels.
Bearish Divergence is forming on the 4H Chart.