BTC Update 04AUG18 Lower high confirmed
BTC has confirmed a lower high. A retrace to the highs now will represent a 22% move to the upside. I do not think its likely. 6800-6900 is a strong support on the daily and a weak support on the weekly. I certainly expect a bounce here before continuation, but i highly doubt it will reverse the trend. RSI in addition has plenty of room to give. For bulls a long trade is available to enter now with a stop at 6650. If 6800 breaks and closes below i believe we will test new lows at around 5,000. The 5,000 area is strong enough to produce a higher high and give a great bounce just based on the difficulty we have had getting to it. As always we will let the market prove the bear trend invalid. At any rate, i will be looking to participate in the 5,000 bounce and will update accordingly as the situation develops.
Nota
price is likely to go to 6200 before daily RSI gets oversold, and creates a temporary break in selling.
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