BTCUSDT: Stay on Target

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin started travelling on a downward channel on May 6th and despite a healthy rebound from 5750 remains in that downward channel . We don't see a good buying opportunity from this level. Over the next 3 days BTC will have opportunity to break out of this channel.

There are two scenarios. If it can surpass the heavy resistance from 6400-6600 we are prepared to follow that breakout with targets of 7200 - 7400. If it can't breakthrough then the bears have strong control over the market, and we can expect lower lows in the 5000-5400 range.

We see two buying opportunities:

1. The first is on the retest of the upwards channel support line 5900-6050. This is a risky entry point but that risk could be mitigated by taking partial profit at 6250.
2. Wait for a clear breakout of the 6400-6600 zone.

We will be buying on retest of the support with a very small amount of capital, and reinforcing that position after BTC breaks through the 6400-6600 resistance.


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