Put my annotations on here for fun, I do not trade bitcoin.
Couple scenarios if you got time...
1. Price moves above the major trendline and the 11800 resistance (Feb20), would be more bullish.. then soon after, overhead is the 12750 resistance, if price breaks above both of those areas theres nothing until 17200.
2. Price falls back below 9300 support area and re testes the 6000 area which is where i think would be a good place to get in. Or think about going long other coins in the sector.
3. However, this market is downtrending as confirmed by third test of the major trendline. On this basis i would have to suggest further downward movement in price to test the prior lows in the 6k-7k zone. At this point if the downtrend is to continue this level would have to be breached.
4. If the market holds the previous low (Feb06), prints a bullish candlestick pattern at close of play, and huge volume begins to come in to the market as happened on Feb06 would be worth taking a long position. Still the fact remains that trendline would have to broken in order for this market to look more bullish.
Couple scenarios if you got time...
1. Price moves above the major trendline and the 11800 resistance (Feb20), would be more bullish.. then soon after, overhead is the 12750 resistance, if price breaks above both of those areas theres nothing until 17200.
2. Price falls back below 9300 support area and re testes the 6000 area which is where i think would be a good place to get in. Or think about going long other coins in the sector.
3. However, this market is downtrending as confirmed by third test of the major trendline. On this basis i would have to suggest further downward movement in price to test the prior lows in the 6k-7k zone. At this point if the downtrend is to continue this level would have to be breached.
4. If the market holds the previous low (Feb06), prints a bullish candlestick pattern at close of play, and huge volume begins to come in to the market as happened on Feb06 would be worth taking a long position. Still the fact remains that trendline would have to broken in order for this market to look more bullish.