1. 0.618 fib level.
On our last two rallies, this is the Bitcoin has been rejected from. We are now approaching this level again, a key resistance to key an eye on.
2. Horizontal resistance.
The region of $7500 on our last 2 rallies has had a lot of consolidation on both the move up and down, so we will see a horizontal resistance here.
3. 200 .
The 200EMA is sitting on $7550 at the moment on the daily, which is going to add to the resistance.
4. Triangle downwards resistance line
This is a valid resistance that has been playing out for 9 months now.
On the 4h you can clearly see BTC in a , which is a .
6. 5th .
I have done an count, and using the , the end of wave 5 has a valid target of $7500, before we get our correction.
7. is not great.
For a real reversal I would have liked to see more , but I believe this low is because of indecision. Are we in disbelief?
If we break though this , we will ideally see a massive spike in .
If the bulls come together and break through the resistances, I believe we will have entered into a real reversal attempt here, if we cannot this was just another dead cat bounce. From a TA perspective I believe it will break down, but my heart is saying we are going to break through resistance, and at least short term we are going to see a nice move upwards. If we break down and hold $6,000 support again, from the triangle we should see a decision mid-September to start of November time.
So to conclude, Bitcoin from a perspective is looking very and this is a great opportunity to go short. I will be laddering shorts from $7500 as from my trading plan I cannot yet this go, but I do have a strong feeling we will be breaking through this level. I would be very happy to see a 2019 bull market!