Bitcoin is trending at the major support level. We have been at this level numerous times in the past few years. It is imperative to understand that shorting this level has never been profitable.

What's next?

Let's take a look at the daily chart:

 

Looks like the price of BTC is currently sitting at $6240. After breaking down out of the symmetrical triangle it seems that price is now retesting the support turned resistance. A solid test of $6350 would be a good short entry. However, if Bitcoin was to break $6400 it would pop right back in the trading range between $6400 and $6700.

What's my play?

LONG on XBTUSD perp. swap contract

Entry: 6195

SL: 6115

TP 1: 6399

TP 2: 6529