BTC Analysis by Mr. L - our short term trader. BTC has proven there are some bulls waiting at...
Last Leg up to 10k USD was a bounce from 6600, Now that we broke it down we are looking at it as a resistance.
We have a downtrend now that is done by two points on each side of the candlestick price, Next rejection from breakout at the price of 7100 will confirm this downtrend. There will be two scenarios if this happens.
A. We will go down to 6000 again consolidate sideways and breakout up as we find bulls to take the upper hand
B. We will break 6000 and reach next upport at 4800 - 5000 levels.
Key movements and small guide to trade the market right now:
1. Be ready with stop losses on alts if BTC breaks down 6000 and have Fiat ready to buy at 5000-4800
2. Keep an eye on BTC at 7100 level and act accordingly. If rejected sell alts and rebuy at 6000 level with stop loss of 5000 BTC level.
3. If you don't like being in alts right now and rather buy and sell BTC, then:
A. Set stop loss for BTC below 6000, And/Or hold and have fresh funds ready for 5000-4800
B. Keep an eye on BTC at 7100 level and be ready to sell and rebuy lower if rejected.
Unfortunately although we did have a nice small recovery from 6100 this does not mean we are out of the bear claws yet. Stay safe and trade smart. Preserve your capital right now
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