NOTE: tl:dr $6450 on Coinbase is a KEY level — was the EXACT low of key support level and the EXACT low that we hit yesterday. We broke it today which puts us in “no man’s land” of potential BIG MOVES either way (edge to bears and lower prices) but CLOSE IS WHAT MATTERS and closing above $6450 is very important ST and possibly IT.
We strongly recommend reading and reviewed many charts below to see current set ups.
As we noted in red yesterday:
Also note bull case needs to see price above $7000 (ideally $7250) today or probabilities become high prob for bears and stops should be tightend or ST/IT positions should be reduced/scaled out.
It was obvious by midday there was little chance of regaining $7000 level which then got confirmed by a harsh drop below the very short term support at $6600 level. Price then dropped EXACTLY to the critical support level of $6450 but did not break it as of close yesterday (closed at $6545 on coinbase).
CURRENT MARKET CONDITIONS
We’re at very key levels that could lead to BIG MOVES and the charts below show just have far BTC and some altcoins could still drop — ST/IT positions should have VERY tight stops (see yesterday’s post) or be in fiat.
BTC has broken the $6450 level today but CLOSE IS WHAT MATTERS, and $6450 is now the new “line in the sand” which stand between at least a bounce or a continued “crash” and high prob test of the current lows $5800 level.
BOUNCE COMING SOON? XBT CHARTS SAY YES
NOTE: more charts below these two — be sure you review them all.
Charts say yes but’ve told you before that CRASHES also occur in very oversold conditions so this is not a time to “go all in” waiting for a bounce — closing below the $6450 level would be a huge red flag that we don’t want to front run this “potential bounce”
WEEKLY CHARTS PRICED IN USD OFFER HELPFUL TARGETS AND GUIDANCE
When we have entire market dropping hard with BTC it can be helpful to review patterns vs a more stable currency to see what patterns can share.
First we reprint from our June Chartbook the weekly analysis for BTC (click on LONG TERM link at right to study our chartbook!) — this is why it’s SO important to understand their’s ALWAYS a bullish and bearish case and you want to carefully assess the probabilities and build a SAFE trading strategy.
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