BTCUSD; 6000 key
The Bollinger Bands tightened enough to see a bigger move which was with the current bearish trend. The more critical 6000 support level is again the focus it seems.
Most likely this level will get tested again. Watch it closely as a break below may see some panic selling. It is important how the market handles action after such a break; One could see a quick retreat to 5100 where next better support resides; is this coin able to reject prices below 6000? A quick return above this handle after possibly 5100 could imply a bottom.
So, interesting to watch if value gets created below 6000, IF a break is seen. Expect resistance on moves toward 7000 but the downward sloping line around 7400 seems more critical.
Bulls need the string of lower highs and lows to break and thus need a move over the latest lower high at 7779 to end the current negativity.
Most likely this level will get tested again. Watch it closely as a break below may see some panic selling. It is important how the market handles action after such a break; One could see a quick retreat to 5100 where next better support resides; is this coin able to reject prices below 6000? A quick return above this handle after possibly 5100 could imply a bottom.
So, interesting to watch if value gets created below 6000, IF a break is seen. Expect resistance on moves toward 7000 but the downward sloping line around 7400 seems more critical.
Bulls need the string of lower highs and lows to break and thus need a move over the latest lower high at 7779 to end the current negativity.
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