BTC Update!
Down we go again. Yesterdays chart and really last couple weeks or so I've been watching $6.8-7k for our overhead resistance and $6257 for our lower support. I personally had taken a position in low $6300's the other day and scaled out portion of it in upper $6300's just to lock up some profits. I ended up stopping out over night in $6250's along with loads others just above and below there. So minimal loss overall and preserving capital.
So now we sit just under $6200 with our low of the fall down at $6139. Right now not a whole lot to be excited for in my opinion for longs or shorts. I'd be interested in longs again if back up towards $6390-6410 area and then $6.8-7k otherwise will wait to see if $6k and $5800 area cave. Bears likely need to cool off some RSI's so we may flag out here today before another leg down and bulls really need to fight if they want any shot of preserving the inverse head and shoulders on daily chart otherwise that pattern is close to being invalidated.
So patiently waiting and will check back once market starts to make up its mind for the short term. Continue to believe we have not bottomed overall and do expect new lows to eventually come.
Just My 2 Sats!
