Now that BTC have lost more downside momentum it's worth watching out for a trend reversal. The daily chart contains the important and obvious levels (all important levels are obvious in TA btw) to keep an eye on the coming days to decide where our directional bias should be.
The way I see it (the right way) we are in a range between 6800 and 5800, and the big picture is that we are still in a downtrend on the weekly. Most ranges are continuation ranges, and continue in the direction of the trend, and the trend is down.
However, this time (and every time as far as I'm concerned) could be different. First, price found support at previous pivot low around 5800, then price broke thru the steepest downtrend line from the mayor pullback that ended first in May. This shows the downtrend have lost momentum from that time. An important first step, but downtrend is still intact, and the probability are still for downtrend to continue.
For this to change we first need price to break out above 6800 and the long term downtrendline.
The way I see it (the right way) we are in a range between 6800 and 5800, and the big picture is that we are still in a downtrend on the weekly. Most ranges are continuation ranges, and continue in the direction of the trend, and the trend is down.
However, this time (and every time as far as I'm concerned) could be different. First, price found support at previous pivot low around 5800, then price broke thru the steepest downtrend line from the mayor pullback that ended first in May. This shows the downtrend have lost momentum from that time. An important first step, but downtrend is still intact, and the probability are still for downtrend to continue.
For this to change we first need price to break out above 6800 and the long term downtrendline.