Good morning Guys and Gals, lets take a look at the Bitcoin market at the start of this week.
One of the most dangerous occupations in the volatile crypto markets is “calling bottoms”.
With that said, it is impossible to enter new positions if we don’t look for the change in the trend, and the eventual breakout.
In my opinion the Bitcoin market has started a little bullish trend (and possible bottom) on the very short term, since the start of April.
The flip side to this coin is that there is also a bear flag in the short term to contradict the recent price action.
For me to remain bullish on the short term we need to stay above $6600 with good trading volume.
Short term resistance is around $6800 and I would expect the market to give some direction soon.
Should we fail to break the resistance and fall through the current near term support zone, I will look to the bearish side, a possible test of $6000 – $5500, and according to some analysts on YouTube much lower.
So far the market has responded well above the 6500 support zone and I will keep an eye on what happens should prices consolidate below this price level.
Should prices consolidate above the short term resistance, we will most likely see a quick retest of $7200 – $7600, and perhaps a push into the 8k zones. Fomo depending it could go much higher ofc.
I will post another report should we face a breakout situation.
Feel free to discuss this trade idea with me in Discord, safe trades.