It seems Bitcoin is running out of fuel to break out of the grip of the bears.
If the price would hit the blue zone in the next days, we're still in the same overal trend trying to break through the 10200 and 11K resistances.
If it doesn't we're prolly entering a new bearish trend which could lead us back to 6K and even lower depending on selling volume and the support at the 8400 and 6200 lines.
If we stay out of the danger zone, I expect the 6K support to hold. This can offer us a great opportunity to enter the trade again (green area).
If we do hit the 6200 within the danger zone, that would mean the selling volume is very high and the momentum of the trend will prolly break past the 6K support.
Let's see how it plays out!
If the price would hit the blue zone in the next days, we're still in the same overal trend trying to break through the 10200 and 11K resistances.
If it doesn't we're prolly entering a new bearish trend which could lead us back to 6K and even lower depending on selling volume and the support at the 8400 and 6200 lines.
If we stay out of the danger zone, I expect the 6K support to hold. This can offer us a great opportunity to enter the trade again (green area).
If we do hit the 6200 within the danger zone, that would mean the selling volume is very high and the momentum of the trend will prolly break past the 6K support.
Let's see how it plays out!
So far this estimate from 3 weeks qgo isn't that far off.
I expect us to return to the green zone. Wouldn't recommend buying as we enter the green zone as we might even go lower.