MARKET UPDATE
Before the reading the main post - please read the following info:
Resistance levels: 6800$, 7000$, 7150$
Support levels: 6600$ (weak), 6450$, 6200$, 6100$
Long positions: 63%
Short positions: 37%
I am not bullish about BTC at the moment
Some time ago I wrote about two scenarios, the second one seemed less likely for me, but it worked out. Today is the Sunday and the finish of the day should show us which market we will see in the coming week.
I see two possible options (again)
Correction to 6500-6600$, at this point BTC will accumulate power, then move back in zone 6800-6900$ with the purpose to break through the 7000$.
1.1 If we wouldn't break 7000$ resistance - we will catch another fall to <6500$.
1.2 If we would break 7000$ resistance and keep the price above - we will see upward movements to 7400-7600$.Instant growth to 7000$.
2.1 Fake breakout of 7000$ and fall to 6500$.
2.2 Success break the 7000$ level and continue of the upward movements. At this point, we can consider the fact that the market becomes bullish for some time.
In my humble opinion: we should follow the first option, but at the same time, we should keep in mind, that at ±6000$ level some smart people opened LONG positions. This is not a crowd, but aggressive purchases. The most of TA indicators tell us that we should see some correction in the near future, but at the same time market makers may have other plans.
You can tell me your thoughts about the situation, very interested in each opinion.
I will update this chart as new info comes up for my followers.
The information provided by @arjunsingh is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs.
Thanks for the analysis.. Lets wait..
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