BTC seems to have reached an accumulation zone, with price action that behaves similarly to that of early April. This range could last from several days to a few weeks. For this range to be valid, bitcoin should stay within $5900 - $6700 before breaking either upwards (70-80% chance) or downwards (20%-30%).
#1 is our first POI (point of interest). Bitcoin breaking above this resistance trend line would put us on track towards POI #2 at around $7400-$8000.
#2 is our key POI. Breaking above with enough momentum might mean that we could be on track towards high $9000s again. Failing to break this down trend line (which is more probable), might indicate that bitcoin could remain in bearish for a little longer, with targets between $4400 and $5500.
#1 is our first POI (point of interest). Bitcoin breaking above this resistance trend line would put us on track towards POI #2 at around $7400-$8000.
#2 is our key POI. Breaking above with enough momentum might mean that we could be on track towards high $9000s again. Failing to break this down trend line (which is more probable), might indicate that bitcoin could remain in bearish for a little longer, with targets between $4400 and $5500.
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Reasons why I believe we are in a trading range. Trade with confirmation it *could* break to the down side, but like I said before, I think that's less likely.
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Downtrend crossed, I think we are still on track towards $7400 - $8000.
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Getting very close to POI #2. This is the point that matters. If we cross, then we will be on a new markup phase to at least $9-10k and likely beyond that. IF it dumps, it might find new lower lows.