Bitcoin has been struggling for the past few weeks, which was an expected behavior. I have called on my twitter over and over that Wallstreet will short bitcoin. It was very obvious. People like Richard Heart and some trend analysts here kept saying that it is in Wallstreet's best interest to not short bitcoin. The anomaly was observed around 6000 dollars when JP Morgan put in a 60 million buy order, and then all of a sudden bitcoin jumped to 19000 in less than 2 -3 weeks. We are talking about 400 billion dollars here. This was institution money preparing for a short.
Anyways, the shorting is over, as you can see on the chart that the downtrend seems to have been broken, and a new uptrend channel was created. I wouldn't be too sure yet, but I can say that we're going back to 20000 dollars and even more soon. We need to however, break the major resistance around 16700 dollars. This value is a psychological barrier close to 17000k.
For now, short term traders can trade around the channel, sell around 16000 and buy at 15300. I personally won't, because Bitcoin can be very unpredictable.
Good luck on your trade
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Short term :
Sell : 15900-16000
Buy : 15100 - 15300
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This can also be a dead cat bounce, that is why I'm insisting on the 16700 target break for a breakout confirmation
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It's trying to break the channel right now. People might fomo into btc, if this happens, this trade gets fast forwarded x100
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Important note: Bitcoin broke 17000 on other important exchanges.