It has been quite the ride for BTC the past few days. Upside targets of 6,800 and 7,400 were both hit before seeing a pullback to the first level.
Reformulate the Plan
Now that the above items occurred it’s time to review and know what to look for next.
Looking at the chart in this post you can see that 6,800 prior support came into play on today’s pullback and price proceeded to bounce right off of it.
That is a bullish piece of price action as attempt number one to recognize that as a support level succeeded.
Going forward this is the downside level we should keep an eye on. Consolidating above there would be super bullish considering we could pullback to 6,000 even and the long-term price action would remain positive still.
As for the upside, well the watermark in the near term is 7400-7500, but the next prior top is around 8,300, so that could be used as a bullish target.
I will admit I sold some BTC at 7,400 and am looking to buy on a pullback. The quick move down to 6,800 may have been my only opportunity. It’s a win-win either way, cus if we do go lower then the coin I still hold goes up, if we do pullback I get to repurchase lower.
That is a scenario I like to be in.