BTC is likely going to revert back to its bearish state in the coming days/weeks. We do, however, see a few notable zones to watch in regards to future price action. It is important to note: market sentiment is at an all-time low, and good news has ceased to surface. In addition, we are experiencing massive amounts of visible market manipulation. This has caused many institutional investors to abandon the space. Until BTC hits a 'true bottom' we can expect to see more of the same uncertainty and indecision.
Note
BTC wicked the 6800 perfectly. We are beginning to see the shorts pile up on that resistance. Bulls will need serious volume if they intend to break that level. In the event of a 6800 break, look for 7200 as our next area of resistance.Note
Playing out perfectly. We are seeing a retracement back down to the 6800 lvl. This was expected [resistance breaks--> becomes support].
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.