Since XBT doesn't seem to rely much on fundamentals, I assume strong buy and sell zones dictate the price action.
There's still some ways to the strong buy zone around 6500.
For now it looks, we've broken through lower levels which signals trend continuation. This tells me I can keep shorting rallies. I expect small rallies to either 7400, 7600 or even 8000.
Entry will be determined by how the price reacts at these levels. Any rejection at levels mentioned before will establish a good entry as well as a SL.
There's still some ways to the strong buy zone around 6500.
For now it looks, we've broken through lower levels which signals trend continuation. This tells me I can keep shorting rallies. I expect small rallies to either 7400, 7600 or even 8000.
Entry will be determined by how the price reacts at these levels. Any rejection at levels mentioned before will establish a good entry as well as a SL.
Buyers are trying to push this higher but are there too many sellers holding down the price?
If there aren't enough buyers to push the price up, I believe it's a good spot to open a short with a SL above the 7400 area. Aiming for a 1:2 RR would seem more prudent than going for 1:3 due to the fact that the downtrend may have slowed down.