Most of the traders expected 6600$ to be broken as BTC was touching that resistance zone for the third time. But what happened was strong hands were limit sold their positions for retail traders trapping out many buyers and breakout traders. At the end of the distribution, price fell down ~5%.
I'm expecting the price to go much lower withing next couple of days as seen in the chart above and bounce off the demand zone near 5600$. However fractal could be invalidate if BTC manage to brake 20MA with high momentum.
I'm expecting the price to go much lower withing next couple of days as seen in the chart above and bounce off the demand zone near 5600$. However fractal could be invalidate if BTC manage to brake 20MA with high momentum.
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20MA now hovering around 6550$ price range. If 6600$ broken with high momentum fractal will be invalidated. It seems before the daily close of yesterday there was nearly 12.5K BTC got absorbed near 6200$-6300$. This might suggest us a bounce. I'll be extremely cautious if i'm going to short BTC now