BTC Update!!
Well we are getting the needed daily consolidation, all be it faster than the bulls would probably like. I personally stopped out last night for some small profits. Unfortunately missed any sells on the quick bull run into 6800s last night.
Yesterdays chart I discussed continued overhead resistance at 6.8-7k and we again rejected last night in the low 6800's. This is 3 rejections in a week at these levels along with 3 rejections in June at the same levels (highlighted in yellow oval). Positive - the more we test an area, eventually it caves and hopefully acts as support. Problem - we are consolidating currently so need to keep a healthy daily time frame on this consolidation. We have lost our higher lows for 4 hour time frame as expected once the daily time frame started its consolidation. We also lost 12 EMA on daily as support. Neither are red flags as we were overdue for some consolidation to start on the daily.
4 hour chart - next low to watch is $6411 and came close to failing and below that is much more critical in my opinion at $6257. Reason being as underneath that we really would be watching for $6k psychological again and then our double bottom down under $5800. At this point, personally wouldn't mind a bit more consolidation down towards $6300-6350 but ideally wouldn't want much lower than that as still don't feel bulls have confidence and we could see some push for the exits to drop price quickly. On 4 hour chart, I've added some rough trend lines from various bear flags we have seen lately. Hoping this most recent one doesn't just drop us to new lows like before. Overall still pretty choppy with bulls really needing to see a push above $6.8-7k to start gaining some confidence in my opinion. Daily, don't want to start seeing increasing bear volume, need to keep that bear volume low to have confidence this is only consolidation at nothing more.
