Just a quick update on the Bitcoin market as we had some good volatility on the market again yesterday after failing to secure the 7k zone.
The bad news on the chart is the fact that we have once again broken below the bullish trend line.
With that said we can see a higher low forming on the 4hr candles, should prices remain above 6600 – 6700.
This is a great place for the higher risk traders to consider a quick long or short depending on how the price action plays out.
In my opinion the bulls failed to secure the 7k zone, we are finding support on the previous 6800 mark, and still trying to break out of the bearish down trend channel.
The signals are mixed and there is a possibility for a bullish or bearish break going into the weekend.
What to look out for:
Short term support – $6500 – $6800
Medium term support – $5500 – $6000
Short term resistance – $7000 – $7100
Medium term resistance – $7400 – $8400
My personal view is still bearish, however there is short term gains on plate in cryptoland for the diligent traders.
Feel free to discuss this trade idea with me in Discord, safe trades.