Got my fingers crossed here. It's looking like resistance is turning to support at a very crucial level. It's important that we rest above that double orange line. If we turn resistance into support here, we should see a continuation upward. Falling below the double orange line, I suspect further consolidation between $70K and $63K USD range.
The daily still looks promising for resistance turned support. Resting above $72K is ideal. We're still in the danger zone. If support fails we will likely see further consolidation and some sideways action for a bit. Falling below $62K will lead to a further break down.
Looking at the weekly you can really see how we're just hanging on. With 3 days to go on the weekly candle, we really want to see that wick get filled. Resting above $72k is crucial. If support doesn't hold further consolidation above the $62K range is likely.
If support doesn't hold at $62K I'll start to panic a bit. We could see a further breakdown to around $54K.
Summary
Sitting on my hands until I see resistance turn into support. Going into the weekend with some bullish momentum would be ideal. We could see a nice rally to about $80K to $85K with further bullish momentum. Falling below $70K range, more consolidation. Falling below $62K, I might consider putting in some short sells depending on how it drags down the rest of the shitcoin markets. At that point, I'm not super optimistic about any type of serious recovery. We'll more than like see a further psychological breakdown at the $50K range when everyone starts to panic sell. That would probably flush any chance of a shitcoin recovery right down the toilet with the btc price.
Would love to hear your thoughts? Where do you see us going heading into the weekend?
Disclaimer
Not financial advice.. Yada yada yada. Should go without saying, seek financial advice from a licensed financial advisor, not some jackass on the internet who calls himself The Dood. Come on people, have a little common sense and take responsibility for your own trades and free will!