BTC Update 04AUG18 Lower high confirmed

5 août 2018

BTC has confirmed a lower high. A retrace to the highs now will represent a 22% move to the upside. I do not think its likely. 6800-6900 is a strong support on the daily and a weak support on the weekly. I certainly expect a bounce here before continuation, but i highly doubt it will reverse the trend. RSI in addition has plenty of room to give. For bulls a long trade is available to enter now with a stop at 6650. If 6800 breaks and closes below i believe we will test new lows at around 5,000. The 5,000 area is strong enough to produce a higher high and give a great bounce just based on the difficulty we have had getting to it. As always we will let the market prove the bear trend invalid. At any rate, i will be looking to participate in the 5,000 bounce and will update accordingly as the situation develops.

8 août 2018

Note

price is likely to go to 6200 before daily RSI gets oversold, and creates a temporary break in selling.