Potential BTC Short to $6500 as we approach a well established upper trendline and strong resistance zone at about $9530.
With the bottom support level being around the $5840 mark, it gives me good confidence that if we see a solid rejection in the near future, then price should have a fairly easy fall down to around $6500 at a minimum.
It's also worth taking a look at a lower time frame. On the daily chart we can clearly see new lower lows/ lower highs being formed, yet another indication we will not yet see a clean breakout.
Alternatively, if we instead see a breakout, a retest will likely follow but we could then potentially start to see the beginning of a new rally to the upside, however I don't see this being the case, but we must always remain vigilant, especially given the strange circumstances of the world's current economy, there really isn't anyway to be sure what will happen.
With the bottom support level being around the $5840 mark, it gives me good confidence that if we see a solid rejection in the near future, then price should have a fairly easy fall down to around $6500 at a minimum.
It's also worth taking a look at a lower time frame. On the daily chart we can clearly see new lower lows/ lower highs being formed, yet another indication we will not yet see a clean breakout.
Alternatively, if we instead see a breakout, a retest will likely follow but we could then potentially start to see the beginning of a new rally to the upside, however I don't see this being the case, but we must always remain vigilant, especially given the strange circumstances of the world's current economy, there really isn't anyway to be sure what will happen.