Sellers have shown dominance over the market in the last few days so there should be no doubt of a retest at the lower 6000 level. Despite buyers have fiercely defended the key support level at 6370 - 6470, the chances of Bitcoin moving up from here is highly unlikely as no follow up could be seen to take price a notch higher. This price action has left us a very important clue.
That clue tells us that market movers are not interested in driving price up just yet. This means they are likely waiting to buy Bitcoin at a price they feel comfortable with. Since the 6000 support level has remained formidable over the past few months and every whale wants a bite of the meat before another, we know that the demand zone is likely near the 6100 - 6200 range. More often than not, a strong reversal candle would be spotted when price hits a Demand Zone and we should therefore expect no less when price moves into the current demand zone.
Given that various indicators are concluding that Bitcoin is oversold, this would likely be your last chance to buy Bitcoin at such a bargain price so don't miss it.
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Good luck and happy trading!
Note: This is only a partial forecast. Our PRO members receive private complete forecasts and actionable trade ideas with specific buy/sell/stop loss levels to maximize trade profits and minimize risks. Interested traders may send me a direct message for admission details.
That clue tells us that market movers are not interested in driving price up just yet. This means they are likely waiting to buy Bitcoin at a price they feel comfortable with. Since the 6000 support level has remained formidable over the past few months and every whale wants a bite of the meat before another, we know that the demand zone is likely near the 6100 - 6200 range. More often than not, a strong reversal candle would be spotted when price hits a Demand Zone and we should therefore expect no less when price moves into the current demand zone.
Given that various indicators are concluding that Bitcoin is oversold, this would likely be your last chance to buy Bitcoin at such a bargain price so don't miss it.
Please give this chart a LIKE to get notifications on updates and show your support.
Good luck and happy trading!
Note: This is only a partial forecast. Our PRO members receive private complete forecasts and actionable trade ideas with specific buy/sell/stop loss levels to maximize trade profits and minimize risks. Interested traders may send me a direct message for admission details.
