We're at an important point in BTCUSD. Waiting patiently.
I think we're going to see some potential fakeouts in the next few days resulting in a lot of people being stopped out of their positions both long and short.
There are two likely scenarios currently that I can see:
1 - The price rises to test the resistance area highlighted, potentially breaking it and rising to the mid $11,000 range.
1.1 - The price rises and is rejected, triggering a sell off breaking through the support area also highlighted, falling to retest the important areas around $6500.
2 - The price fails and breaks down with the lack of positive news and the bull trap begins its culling process.
We'll have to wait and see which it is to be. But, regardless I think we end up back at the $6,000 level before long.
There are two likely scenarios currently that I can see:
1 - The price rises to test the resistance area highlighted, potentially breaking it and rising to the mid $11,000 range.
1.1 - The price rises and is rejected, triggering a sell off breaking through the support area also highlighted, falling to retest the important areas around $6500.
2 - The price fails and breaks down with the lack of positive news and the bull trap begins its culling process.
We'll have to wait and see which it is to be. But, regardless I think we end up back at the $6,000 level before long.
Penafian
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