Possible area of value for a Long Position between 6500 at 6700
Bitcoin experienced a very strong rejection of anything higher than 7100, but now we are back in the previous range and probably going to need some serious volume to break in any direction.
After this retracement from 7100, there is probably a very good are of value, between the 50 and 100 MA for the 1 HR timeframe.
We are still above the 50 and 100 MA on the 1 HR and 4 HR time frame, and above the Ichimoku Cloud on the 4 HR time frame, so are still on an uptrend in the short term.
This could be a good opportunity to go LONG and catch the upward move if the MA act as support (which they generally do).
We also have other supports, that are probably going to help avoid any more price falling.
Now I will wait for PA confirmation before placing my Long position.
After this retracement from 7100, there is probably a very good are of value, between the 50 and 100 MA for the 1 HR timeframe.
We are still above the 50 and 100 MA on the 1 HR and 4 HR time frame, and above the Ichimoku Cloud on the 4 HR time frame, so are still on an uptrend in the short term.
This could be a good opportunity to go LONG and catch the upward move if the MA act as support (which they generally do).
We also have other supports, that are probably going to help avoid any more price falling.
Now I will wait for PA confirmation before placing my Long position.