The 1 Day candle + others pretty much says the bull run is over. Hence we then need to restart the next stage with new data and its too early to make any suggestions. Having said that, to look forward, like in my previous published comments, I'm still looking at Nov. to see the long term bull market start. 2019 is the year that we will experience a bumper year. Meanwhile we will continue looking for opportunities. Right now, I'm looking for 6100 as entry. But I need to see some positive signs before committing to it.
Note
What I'm observing\thinking, after 5 hrs:1) a lack of any follow through
2) bulls are in control
3) start preparing for a potential break on the weekly to lower lows
4) use smaller positions
Note
Expect a slow recovery. Watching the RSI and the price range is small but the RSI is moving quick in the 30 min\1 hr candles. Its going to take some time before we get back to early August period.Note
correction for 2) above.. should have been bears.Note
we are now in the strong support zone. From the past, both bottoms were here and I would say it will be the same odds. However everyone is speaking about 5800 or lower, but the fact of the matter, it hasn't gone below this. What are the odds it will be low 5000? No-one knows.Note
Is the early stages of forming a downward wedge?Note
Note
its getting close. Bitcoin has formed lower highs and is gearing up for another test of support at the $5,800 area, possibly ready to form a descending triangle. 
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Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.