The red line on the chart represents a smaller bearish drop developing at 6,488.65. The closed red candle is already bearish off the 6548 resistance. I don't like to zoom in the smaller time frames. When so close to a major bottom. Buts thats what I'm doing now. If the the high area at 6548 holds now, and the hour closes below 6,488.65. A new 1 hour bearish trend looks to start. This may challenge that little double bottom shown in last post. That domino may trigger the other lows mentioned in the older post. It's on the edge as I type. Often pa will pullback voilenty off these edges. I don't think it will so much for Bitcoin. That hour close may be very important when it happens. As always, most cryptos will follow. The basket would get much cheaper.
One thing people in the crypto world may not consider. The Usd is getting stronger across most other currencies for months now. This is weighing on many others around the world who already own Bitcoin. Bitcoin dropping versus USD is being amplified when redeemed in a non usd currency. Cryptos are big in Asian countries, but the loss in value since march is growing. The yen since March is down about 5%. In the crypto world this may not seem like much to a novice trader. Its a big thing to a currency trader in asia. It amplifies the value loss for Bitcoin. At some point to many in Asia may rush to the sell window and may be trapped. Because during a pull of liquidity drops can capitulate.
Keep your eyes open. It may violently rise off the edge. But its the edge for good reason. You don't want to be in the violent drop holding your pecker either. I will update when able. So far that smaller edge has held.
