A Possible Bottom to the BTC Bear Market???
Talking Points:
Bitcoin remains in a pretty solid bearish trend for the past few months on the daily however has may have finally reached support(See attached daily chart)- BTC bounced quite aggressively off the daily horizontal support around the $5800 level with a single 4 hour candle completely engulfing the previous 4 in the down move
- There have been some claims that mining may become unprofitable in most countries with price under 6k
- Prices reached a low of around $5760
Bitcoin price remains in a major down trend and recently broke under the 6k level against the dollar. The price has since traded higher and has resumed above 6k to around the $6300 level where it has recently reached 4hr/1hr horizontal resistance and as of now have slightly retreated from there
Trade Idea:
Look for a pullback to around the 6100-6050 level before a push up to the green resistance line on the 1hr. From there the downtrend may continue (testing the low) however, (as seen on the daily) I believe we are getting fairly close to some upwards movement.
IE: Cautiously buy dips keeping a close eye on how BTC reacts to the upper resistance on the 1hr/4hr
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