BTCUSD: 6900 Trigger Near Upon Subtle Bullish Signs.

BTCUSD update: The initial bearish trend line is clearly broken, and an inside bar has appeared (previous candle). All of this is happening around the 6805 reversal zone boundary. This market is still in the process of setting up for a broader move higher in my opinion. Here is the swing trade trigger to look for: Long 6900 Stop 6488 Target 7460. R:R Approx 1:1.

These subtle changes should not be all that surprising. They are unfolding within the largest support zone relative to this market since the sub 200 lows. The 8171 to 4983 support zone (.618 area of entire bullish structure) has been in play since the 6K low in February. As I have written in previous reports, a broader bottom is a process. IF price breaks the 7492 minor resistance (.382 of recent bearish swing), that will provide confirmation that a broader bullish move is in progress. A broader move higher from current levels can lead this market back to the low 8Ks at minimum over the next couple of weeks.

6897 is the inside bar high and serves as a long trigger for a swing trade, while the 6650 and 6500 levels serve as stops. The reward risk is still very favorable to the bullish side because the minimum target is the 7492 level. So you are risking 300 to 400 points to potentially make around 600 at least. All this market needs is a catalyst or some typical tech drama to motivate a short squeeze.

Price action is leaning toward the bullish side in a way that is not obvious to the crowd. This is what opportunities look like. As always, these signs can be negated by any bearish surprise, but I think the potential is very limited. This market can still retest the 6204 and even 6K, so it is important to always be prepared for those scenarios. Speculating is not about precision, it is about constantly adjusting.

In summary, price action is coiling around a reversal zone boundary near a major low within a broader support zone. You can't ask for a more attractive situation that isn't obvious to the market crowd. The appearance of the inside bar provides technical structure for a long trigger with well defined risk. If this market starts breaking near by resistance levels, it will be confirming a broad double bottom which can eventually lead back to 10K, it is just a matter of time and catalyst. The price action story is saying that the shorts are vulnerable in an area that still looks bearish to the untrained eye. Learn to recognize the subtle signs, not the obvious ones and one way to accomplish that is to acknowledge what the market is NOT doing, rather than always focusing on what it is.

Questions and comments welcome. (See trade signal updates on S.C.).