The 2h 200sma comes in around 6980 so will begin shorting from there up to 7090.
The 7060 support layer will no doubt be tested and show s/r flip to resistance.
Bear scenario: Overall this is the long expected downtrend we knew was coming.
Bull scenario: This was a retest of support before heading to 8k supply zone.
BTC is acting very strange the last 1-2 weeks so I wouldnt be surprised if it is.
I also feel that there is much less supply in the market until we reach 8k for those people to dump. 8k area is still a high POC on VPVS and until those coins are released into the market it feels like we are dealing with a limited supply.
No bullish scenario I can see right now.
54%+ of $100k+ margin trades active on top 5 biggest exchanges are shorts.
Normally there is a much higher long/short ratio. This is very significant % of shorts active.
Given this very overbalanced shorting of the market, we didnt even climb above 6960 today even with a wick...
We are currently stuck between 200/300 on the downside and 100 on the upside SMMA lines.
There is a very narrow swing trade margin right now.
No good active trades to take.
Weekend is here and expecting to see huge market manipulation pumps or dumps.
I would bet 80% likely that if we see a massive pump, then short it as its fake -- and vice versa (massive dump = long because its fake).
Short fakeout pumps at 7060-7300
Long fakeout dumps at 6600-6750
I think i might just put those trades up and go enjoy my weekend....