#BITCOIN - Regular Update of 2H Chart. (Interesting!)
To be honest it is so funny to update $200 movements and act like it is something significant. We all understand that the market is very weak now, so this update is for those people who like catching small movements with high leverage.
During recent couple of days, the price reached the $7000 support, formed a double bottom there and jumped upwards. Potential of going higher still exists, but it is very weak again. Why so? Because the price still need to re-test the $7265 level in order to form a full-fledged rollback.
Now let's consider this level ($7265), we can say that it is crucial. The breakout of this level will give us two things: absorption of the dump and the formation of the inversed H&S pattern (if the price breaks the level after a small rollback downwards). Both these factors can easily push the price upwards to the $7400 - $7500 points.
From the other side, let's consider the option where the price doesn't break $7265 and not only goes down to $7000, but breakdown this level. This option will lead us to a bunch of triggered stop losses and liquidations, which means another big dump, more likely to ±$6600 zone.
Therefore, local priority is slightly upwards as we need to test $7265. If the price stays below $7130, we should expect another dump to $7000 level. That's it. Unfortunately can't say anything more clear right now, if we talk about bigger movements.
During recent couple of days, the price reached the $7000 support, formed a double bottom there and jumped upwards. Potential of going higher still exists, but it is very weak again. Why so? Because the price still need to re-test the $7265 level in order to form a full-fledged rollback.
Now let's consider this level ($7265), we can say that it is crucial. The breakout of this level will give us two things: absorption of the dump and the formation of the inversed H&S pattern (if the price breaks the level after a small rollback downwards). Both these factors can easily push the price upwards to the $7400 - $7500 points.
From the other side, let's consider the option where the price doesn't break $7265 and not only goes down to $7000, but breakdown this level. This option will lead us to a bunch of triggered stop losses and liquidations, which means another big dump, more likely to ±$6600 zone.
Therefore, local priority is slightly upwards as we need to test $7265. If the price stays below $7130, we should expect another dump to $7000 level. That's it. Unfortunately can't say anything more clear right now, if we talk about bigger movements.
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Email:
ekstraruto@gmail.com
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