BTC has been held down by the 55ema pinning it on the bollinger bands below the basis. We had a 4 hour inverse head and shoulders recently and off the neckline that measured move is 8228 short term could even be today sometime. I am neutral waiting for confirmation to the upside which is above the 200EMA around 8560, to break out of the channel we'd have to close the weekly around 9650. Keep in mind that just because we wick on the day in the 8200s does not confirm a daily close either. Most traders get snagged into a fomo candle and lost in their positions by attempting a scalp these areas by impulse. However there are apparently a boat load of shorts scheduled around the 7950 range with extreme resistance, even though we may wick past that area.
Lower targets if we are rejected on the upside would retest the bottom of the channel around 5900- 6200 range as a possible short from 7950.
Good luck!
Lower targets if we are rejected on the upside would retest the bottom of the channel around 5900- 6200 range as a possible short from 7950.
Good luck!