Bounce Here or $6666 Today
There are competing trends happening in real-time with BTC. There is a bearish trend pushing BTC down from around $10,000 and a bullish trend building BTC up since it dipped to $3700.
However, both trends have almost mimicked stock and equity market movements. It is likely this month sees many bankruptcies, higher unemployment and countries still stuck in quarantine.
The macro factors are impacting BTC as much as TA. As you can see BTC corrected the last time it hit the resistance of $6900 and $7000. If it continues to bounce back from $7,000 it is likely the trend down continues.
A strong bullish breakout to $7450 will liquidate most shorts so this should not be ruled out. However, most longs around $7100 haven't been liquidated either. I see a big move from BTC coming.
My guess would be a leg down to between $6200-$6400 then a pop into the 7k range again. Volume is dropping, price will follow.
BTC won't go negative like gold. But it will go South.
(Make sure to follow for more charting!)
However, both trends have almost mimicked stock and equity market movements. It is likely this month sees many bankruptcies, higher unemployment and countries still stuck in quarantine.
The macro factors are impacting BTC as much as TA. As you can see BTC corrected the last time it hit the resistance of $6900 and $7000. If it continues to bounce back from $7,000 it is likely the trend down continues.
A strong bullish breakout to $7450 will liquidate most shorts so this should not be ruled out. However, most longs around $7100 haven't been liquidated either. I see a big move from BTC coming.
My guess would be a leg down to between $6200-$6400 then a pop into the 7k range again. Volume is dropping, price will follow.
BTC won't go negative like gold. But it will go South.
(Make sure to follow for more charting!)
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