Updated

BTC hunted by everyone

Hi,
BTC has shown some bullish signs in the past few days as every breakdown were quickly bought and turnt into fakeouts. Those fakeouts didn't really flush stop loss like in the 7000 area so : less seller, more buyers.
Obviously it doesn't mean that 5800 was the bottom, we are currently in a range stuck below the 6300 resistance. So basically everyone is waiting with cash or in a position with a stop loss pretty large, if we manage to go quickly in the 6250 area we might go to 6500ish and there we will be confronted to selling pressure again. There will be a battle between bulls and bears in this area.
You can watch the daily 12 MA to determine where to sell if you are in a position or if you buy in the 6250 area.

BTC needs capitulation and despair to close that 'bubble bursting' cycle. Capitulation doesn't come necessarily in a form of a dropdown, it could also be a very boring period of several weeks for BTC in the 5000 area.

Ciao.

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Bulls are currently showing some strenght, target still is 6550.

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these are the fakeouts I was talking about, we may be currenty seeing one.

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we have been rejected from this trend line for the past hours, let's see if bulls manage to push above it to find support.

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current zone of suppor is between 6160/6130, there's a chance that we will lose it but I think it will hold. If we loose it we might test 5800 again and from there chances are we head lower.

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we got rejected hard by the resistance now we need to find support above 5800, if not 5800 wll probably not hold and we could go towards 5500.

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6130/6160 area could act as resistance now.

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BTC trying to establish a higher low right now, buyers were enough to hold 6K, further downside will be coming in my opinion but we have room to some upside movement.

Still thinking that 6550 area will bring a lot of selling pressure and could very well be the catalyst to go lower, we can establish some target on the downside, I think 5500 is a solid psychological number that could afford a bounce towards 5800/6000 but ultimately we will go towards 5K or 4800.

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there must be a lot of stop loss around 6000, we need to be aware of that.

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daily rsi is tightning up, BTC is really on the edge of a big last move, the trend is bearish so I think that it will be a final leg down but we have room to go up to 6550 still.

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the fact that we dipped below 6000 only to come right back up is pretty bullish, I expect a little more follow through.

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shorts are getting close to a low but not quiet yet ( i know TA doesn't work here but still)

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nothing significant since yesterday, still looking north once this equilibrium breaks out.

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A lot of buyers at 6100, chances that we are in a daily low are getting bigger.

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BTC lost 6100 support to fall in the upper 5700, I don't expect much from here the bullish case is that we are forming a double bottom but I wouldn't put too much on that until we see some volume.

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so yes target reached but BTC could very well have another leg up short term we are currently forming a bull flag and with declining volume so everything look good for now.
I was expecting a drop and then a lower low mid term but looking at the market and I can see that we could have several green days in a row.
Enjoy your week-end.

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if we manage to stay above this trend line I think we will see another leg up soon towards 7000$

skyzolee

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skyzolee