BTC is has crossed and held first resistance in the daily chart. Now it will face major resitance at the 7800s. I believe this will be a big road block and take us back to the low 5000s level. I will update once we get price action at the 7800s level for confirmation of the sell out
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We have now reached resistance at 7800 as expected. Whats next?
Well I think this is a great time to look for a short entry. How? Looking at lower timeframes. In this case, the 5 min could give us the first clue that this correction is over.
I see a descending triangle formation (bearish) that if it breaks down, it will create a lower low in the 5 min timeframe. I think this could be a great spot for a short. No target price set yet but it can easily go to 150 in a matter of days, we'll have to see. Stop loss after break down would be breaking above descending triangle or 200