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$BTCUSD - Looking bearish short term, shorting opportunity

BITFINEX:BTCUSD   Bitcoin / Đô la
$BTC has been unable to breach resistance, going sideways against it. If it continues to go sideways, eventually it will tire out and we'll drop to support; the next supports are around $7700, $6900, and $6300. Although there is no support line around the mid $6000s, it is fully possibly for a rebound around that area due to how cheap it is and close to the bottom.

On the 5m interval:

if you zoom out you'll see the whole situation.
we are currently on the lower edge of this yellow bearish channel, let's see how BTC will react, maybe a little pullback is needed for going through.

Phản hồi
@N3X74R, interesting, thanks for the perspective, I can see that playing out as well. Are those self drawn trend lines? It looks like a Fib channel in the back.
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N3X74R NeoButane
@NeoButane, all these support and resistance lines was traced only with my eyes, you just need to watch where the price actions react.
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@N3X74R, Thx! Question, At 12,000 BTC broke through the channel. That would be for me a signal to buy some, but then it just plummeted. What would a breakthrough now really mean or confirm, it could just fall back into the channel again...or not.
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N3X74R userbeauty
@userbeauty, weak movement i think bear is confirmed, back testing the support lines.
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@N3X74R, thx! I wonder what will happen to the volume when binance is back online. That may be a defining hour.
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