BTC Due For a timely Retracement: Don't catch the falling knive
Updated
Hi All,
BTC is currently at a crossroad. Not really sure where we will end up.
BTC was rejected during its uptrend to 6800.
If the bulls can not support 6500.
Tehn I see this as a 70/30 split.
70% BTC retrace back down to 6400 or 6200.
30% BTC makes higher lows @ 6800 and stay above.
Remember people we have been in a bear market well over 5 months.
The RSI pass my 70D-K.
Currently trading Above its 20 day MA.
However, trading Below its 50 day MA.
Lower Volume
If we are lucky BTC continues trending sideways for the next couple of days.
However, the trend is showing bearish signal.
I currently do not hold any position in BTC awaiting confirmation before I re-enter.
Trading psychology tells us to always wait for cofirmation before entering a trade.
Do not try to time the market and endup catching a falling knive.
Good Case Scenario seem more probable.
Hopefully we don't test the Worst Case.
Hope this chart was helpful to you all. If you all have questions feel free to ask or comment in the comment section below.
Be sure to Follow me for future charts, like this post if it was helpful, and thank you all.
Trade carefully people.
BTC is currently at a crossroad. Not really sure where we will end up.
BTC was rejected during its uptrend to 6800.
If the bulls can not support 6500.
Tehn I see this as a 70/30 split.
70% BTC retrace back down to 6400 or 6200.
30% BTC makes higher lows @ 6800 and stay above.
Remember people we have been in a bear market well over 5 months.
The RSI pass my 70D-K.
Currently trading Above its 20 day MA.
However, trading Below its 50 day MA.
Lower Volume
If we are lucky BTC continues trending sideways for the next couple of days.
However, the trend is showing bearish signal.
I currently do not hold any position in BTC awaiting confirmation before I re-enter.
Trading psychology tells us to always wait for cofirmation before entering a trade.
Do not try to time the market and endup catching a falling knive.
Good Case Scenario seem more probable.
Hopefully we don't test the Worst Case.
Hope this chart was helpful to you all. If you all have questions feel free to ask or comment in the comment section below.
Be sure to Follow me for future charts, like this post if it was helpful, and thank you all.
Trade carefully people.
Note
Quick Update traders: Higher probability BTC goes down to 6200.Since June 14, BTC has attempted to break 6800 resistance 4 times.
BTC has now attempted 6800 level 4 times and has been rejected everytime.
After 4 attemptes 6800 is becoming even stronger resistance.
The retracement is finally here to 6200.
If 6200 does not hold support, then we are looking at 5800 BTC.... Best case
If 5800 does not hold support, then we are looking at 4400 BTC at best. Wrost Case
If 4400 still does not hold support, then BTC is at a freefall to 3200.
If 3200 still does not hold supprt, then BTC is going down to 2200-1928. WTF Case
Be careful don't get caught in the bull trap fakeout.
Hope this chart was helpful to you all. If you all have questions feel free to ask or comment in the comment section below.
Be sure to Follow me for future charts, like this post if it was helpful, and thank you all.
Trade carefully people.
Note
BTC is currently @ 6154 lets see how this plays out this next couple of days..
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