Bitcoin could be on its way back down to $6000!!

Bitcoin had a massive fakeout yesterday when price broke below the demand zone to then completely return back into the channel. For someone jumping onto a short right away, that would have been a very bad move as stops would have most probably been hit causing losses that could have been avoided. As mentioned yesterday, the safest trade would be to let price break below the demand level, let price return back up to test resistance and then take a position with defined risk.

So far, that has played out perfectly as we have come back up and SO FAR finding resistance at the S/R flip zone and could spell another move lower if we cannot move back up. Stop would be placed at SFP on that last candle that punched through the zone.

MACD signal line has fallen off a cliff and continues to trend lower while the histo has started to trend higher. RSI broke through the support level and is trying to return back up to test the breakdown zone, which could be a spot for it to reject and continue lower to the lower bound.

Stay safe guys, will keep you updated if we get any strong moves from here!

Thanks guys

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Bitcoin spiked up and tagged the stop-loss on this trade! It still cannot get above the EMAs so until that happens, the short can still be in play1