BitcoinShort
7K Sooner, rather than later
The whole yellowish area on the chart is clearly representing the resistance at this point in time. We have seen huge movements to the downside twice already, first time on May 17th, and second time on May 22nd.
To me, this indicates that bears are taking over the control of the market. With bulls realizing the situation, they are trying to push the price up one more time in order to get out with small losses or with a small profit. Basically, the situation is that we have high possibility of a drop towards 7k.
If 7k area is broken that opens the door for further downside towards 5k ISH.
However, if the price manages to break our yellow resistance zone and stabilizes above, we are changing our view and we go long. But for now, there is simply more potential for the downside.
To me, this indicates that bears are taking over the control of the market. With bulls realizing the situation, they are trying to push the price up one more time in order to get out with small losses or with a small profit. Basically, the situation is that we have high possibility of a drop towards 7k.
If 7k area is broken that opens the door for further downside towards 5k ISH.
However, if the price manages to break our yellow resistance zone and stabilizes above, we are changing our view and we go long. But for now, there is simply more potential for the downside.
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