If you are currently long BTC, you are trading counter mid term trend. Which on occasion can be fortuitous, however it is not considered general best practice. Macro we are still moving up, however we need to return to this trend line and establish a base level for sellers to exhaust and buyers to step in. I was expecting a large reaction from the $7,200 region...
Still waiting for the low $7,000 region, just like everyone else. Perhaps we will never get there. I see similarities to the previous little bounce on BTC and there could be grounds for another. which could go further. However I am still a bear until we break the 200 Day MA and retest successfully.
Looking to be a little toppy here with bearish engulfing at the top of the channel and bearish divergence on the MACD. Although if this is a genuine breakout, there wont be any slowing down until the ~$0.36 and ~$0.40 area.
One last dump and there will be all the necessary signs for a temporary bottom (higher low). Indicators will be reset with potential bullish divergences, as well as confluence of trend lines within a liquidity zone above major historical price consolidation levels (Support).