Levels to watch on BTC.
Updated
This is the levels i'm watching on BTC for Dow theory analysis. I definitely want to be there when this trend turns around. Ill keep you posted when some crucial levels breaks, with the implications there of.
Currently 6k is the level on everyone's mind, Personally ill be ecstatic if breaks, as it would signify the next phase in the bear trend, progress.
Currently 6k is the level on everyone's mind, Personally ill be ecstatic if breaks, as it would signify the next phase in the bear trend, progress.
Note
The down move below 6k today was rejected, the force of the rejection is communicating to me there are buyers below 6k, bulls wanna see a retest of 6k on low volume, confirming that supply is exhausted for the moment. Bears want to be cautious here, if the bulls manage to break 6400, this could be a medium term trend changer. Ill keep you in the loop. Good luck and happy trading
Note
The rejection idea have realised, and buyers were indeed present below 6k in the form of a double fake out, the bearish defence line of 6400 has fallen today, and the bears are on the retreat. They may have lost the battle in the short term, but the war is definitely not over. The down trend is still very much intact, and a sell the bounce strategy is still the best option for the trend that we are seeing on the longer term time frames. Bulls looks set to test 6800 and this a very key level for the bears to hold. I am by no means yet bullish, but if price breaks 6800 with momentum then we have a reversal on our hands. See you in the next one, good luck and happy trading!
Note
key level of 6800 was broken, bulls looking up to 7800+
Note
7800 target reached
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