BTC needs to push 6,600 or 6,250 will be seen again
Btc dumped over $1,000 on the 5th, with no previous support levels showing any form of support. Intra day, there was a few hours of support around the 6,800-6,900 level but that was all.
My last 2 TA charts on BTC indicated a possible short squeeze or another dip down to previous support. The short squeeze possibility was broken once btc could not pass 7,500 after two days. Lack of buying volume, and increasing large short positions indicated a break in short-term trend.
Bitcoin is currently creating higher lows during this 2-day consolidation period. 6,600 needs to be broken in order to retest new resistance levels of 6,800-6,900. If 6,600 cannot be broken on the next reattempt, we can look for retest of 6,250 support. Look for the same selling momentum as 09/05 dip, if 6,250 is blown thru, we will most definitely retest 6,000 and all-time-lows for 2018.
Short positions are still holding strong, and my indicators on the 4-hour are showing an oversold sentiment. I will look for re-entries around 6,600, or during a further dip, 6,000.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
BTC current price 6,432
COMPLETED 8:48am LOS ANGELES
My last 2 TA charts on BTC indicated a possible short squeeze or another dip down to previous support. The short squeeze possibility was broken once btc could not pass 7,500 after two days. Lack of buying volume, and increasing large short positions indicated a break in short-term trend.
Bitcoin is currently creating higher lows during this 2-day consolidation period. 6,600 needs to be broken in order to retest new resistance levels of 6,800-6,900. If 6,600 cannot be broken on the next reattempt, we can look for retest of 6,250 support. Look for the same selling momentum as 09/05 dip, if 6,250 is blown thru, we will most definitely retest 6,000 and all-time-lows for 2018.
Short positions are still holding strong, and my indicators on the 4-hour are showing an oversold sentiment. I will look for re-entries around 6,600, or during a further dip, 6,000.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
BTC current price 6,432
COMPLETED 8:48am LOS ANGELES