Bitcoin continues to trend sideways around the demand zone but as we can see from the chart, a big gap remains from Monday that could very well get filled before attempting to move higher.
Now there is no guarantee we fill the gap before pushing higher but it is something to be aware of if you are trading this choppy period. If we go move lower, look for the first demand zone around $6250 to provide support as well as the demand zone below around $6150.
For bulls, we cannot afford to close below the bottom demand zone as that could trigger even more panic selling and bring us back down to test the lows.
Thanks guys!
Now there is no guarantee we fill the gap before pushing higher but it is something to be aware of if you are trading this choppy period. If we go move lower, look for the first demand zone around $6250 to provide support as well as the demand zone below around $6150.
For bulls, we cannot afford to close below the bottom demand zone as that could trigger even more panic selling and bring us back down to test the lows.
Thanks guys!