Welcome to Bitcoin 'and the movements of triangles, a day with such a bullish look and a few days later with a look so bearish and back. This behavior of pingpong has been happening for a few months. The bears are hidden when the negative side is tested and the bulls are shown when the upside is tested. Meanwhile, only the exchanges earn real money, even though the volume has dropped a lot, so I can not imagine that they are very happy with this either. This was my biggest fear for a month or 2 now, just keep moving sideways and keep having those bears / bull traps all the time.
The bullish formations in Bitcoin 'are still at stake, but the fact that we stay close to the minimum of 6300 is a very bad sign. The blue trend line on the left is still valid and has been tested a lot in the last 5 days (blue circle), but the rebounds have been quite weak so far. This shows that there is no strength at all in the market. So, objectively, this is a short play, but we all know that things are not so easy with Bitcoin 'and they are fake moves all the time. It has been moving within a small triangle since yesterday, between 6320 and 6250. Therefore, a break in this triangle could give us more clarity in the next movement. Yesterday I said that the bulls should push it above 6350, that the bulls tried for several hours, but they fell short just below it and went down to 6250. So for now we have some clear levels for the bulls to break, that's the 6320, 6350 and 6420. For the bears is the 6270 and 6200ish level. Below 6200 we could see the 6100 going back to testing.
I want to say that if the 6100 is broken we could fall much more, but how many times has that happened in recent months. It just seems that this support zone simply can not be broken. So, whatever you do, do not be stubborn and think: Yesssssss, finally, yes, this time we will make that shock. The same goes for bulls, of course! Just stay objective and do not get caught by everything you read, just look at the table and the technical, keep it more objective and less emotional.
My members and I have not been trading Bitcoin 'lately, we made that long exchange 2 weeks ago at 6300 since we went up from 6200 to 6600. But a long time before that exchange and since then, we keep watching it. We've been looking for more alts since they move more than Bitcoin. ' They show clearer patterns and sometimes even move independently of Bitcoin '. The last 2 months are the moment in which an operator can lose confidence when the focus is only on Bitcoin 'and all its false movements. Losing confidence is the most precious thing you have when you negotiate in the markets. You can have all the money in the world, but by trading without trust (which makes you feel emotional) you will lose the guarantee, because you let fear and hope make the decisions for you. This happens in all markets, stocks or FX or whatever. There are always times when you should not touch an asset (too much).
I can write a full story again about the OTC volume that accumulates outside the exchanges, but I've talked about this several times in my analysis, so I will not do it this time. Because nobody really can give reliable information about this. However, I think it is important, because I have suggested the 2 months that maybe the price is being maintained at these levels so that the OTC trade can continue for these 6K prices. But that's just a theory, so I suggest you investigate about this if you're serious. Feel free to share your findings about this and who knows, maybe we can discover some real facts.
My point of view is now as neutral as it can be. A break of 6320 or 6270 will probably push me slightly towards the side of the bull or the bear. A break of the highest low formation (6200) should be a big selling signal.