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Bitcoin Analysis

BTC with a strong rebound and touch of 6600, but eventual close back at 6270. Algorithm closed short at $120 loss. Let’s see if strong volume remains after these past two days.Bitcoin is correcting this ABC to put in wave 2, this is what is likely from a daily perspective and from a lower time frames perspective.

Bitcoin has been pacing back and forth between support around $6,000 and resistance at $6,500, creating a range visible on the short-term chart.

Just filled my short at 6290 on retrace of H/S neckline
•2.2 risk to reward ratio
•Total risk 4% (2% risk x2 leverage)
•See Chart for Stop loss and Profit targets
If we break out, my target would be the $7.4k-8k level, as my bias would remain HTF bearish until a local high was taken out. ($8.4k)

I actually think $BTC may bounce higher. The EMAs are very close to crossing which would be a massive support and could signal a bounce to $6800
On the half of the day chart charts. Most ALTS look bearish to me. However, BITCOIN looking slightly bullish. This makes it even more difficult to take a position since ALTS follow.

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Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses.