We have a nice wave structure here with a bull flag formation that if we break out of will take us to the $7K resistance. This would give us a 5-wave 4hr structure and bring us to a key decision point for the market with the close of BTC futures as well.
If the bull flag fails and if we breakdown we will retest $6200 and need to consolidate again, else we will test $5800.
Short interest is falling significantly on BTC in this range which is indicative of risk to the shorts indicating another wave up. Lots of suppression on Finex in this range showing large short hands are closing here.
Further ALTs are buoyant indicating a test of the $250B market cap.
Be patient and trade carefully.
--Shibe
If the bull flag fails and if we breakdown we will retest $6200 and need to consolidate again, else we will test $5800.
Short interest is falling significantly on BTC in this range which is indicative of risk to the shorts indicating another wave up. Lots of suppression on Finex in this range showing large short hands are closing here.
Further ALTs are buoyant indicating a test of the $250B market cap.
Be patient and trade carefully.
--Shibe