Bitcoin
Short

Downtrend is still strong for BTC

Updated
Double touch the weekly support at 5846. Had some relief rally but rejected the strong resistance area which use to be a key support level at 6800 - 6643.

RSI indicator showing a hidden bearish divergence on the daily indicating more bearish momentum + 50 RSI area acting as resistance. MACD is also turning so
snapshot

Lower TF Bear flag is forming but finding support on the cloud edge. A break of the cloud would fuel more downside (6287).
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Break below 6277 will indicate more bearish momentum next key support area would be 5846. If 5846 do not hold (support tested multiple times = weak), we can see more panic towards 5k-ish region.

Bullish case:
Support at 6287 region and we print a higher low indicating and upward movement. However meed a break above 6650 200 EMA on 4hr to show more bullish signals.

A lower high printed in this area would add to an inverse head & shoulder showing more upwards momentum on a break above 6889.
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or

Touch the 5846 for the 3rd time as support and trend higher.
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As for fundamentals, with each new ICO coming out it adds selling pressure to the cryptocurrency ecosystem. Companies cashing out to FIAT to either fund their project or buy a lambo. Catalyst for the next bull run would require a huge influx of capital the highest probability scenario would be approval of BTC ETF.

Happy Hunting,
Charles Chua

Quote of the day: Trend is your friend
Note
snapshot

3D support held price for US closing with a nice short squeeze.

Trend is still downwards
Note
inverse head & shoulder played out
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