BTC Currently $6156.
As mentioned previously, testing a major support area multiple times causes it to break down. BTC finally dipped below $6000 on more than one occasion HOWEVER on the day chart only wicks appear to be under $6000. The candlesticks closed above $6000.
What does this mean?
Absolutely nothing. On the 4 hour chart BTC is not retracing but forming a horizontal/sideways movement. If you look closely it’s also forming a bull flag but I would question the authenticity of the pattern since BTC is like a bird with fear of heights.
What should we expect?
Very short term I expect BTC to re-test $5900. This is the golden ration on the 1-hour chart. If that holds, we have a limited amount of time to pick up some bottom for very small %s.
BTC can make a run for it but it won't go above $6525. Alts will react positively considering the state and low volume that is circulating through alts.
Reminder
End of Quarter 2 is in 5 days. There are some mainnet launches and releases in several alts. If you're thinking of investing in alts choose the fundamentally stable alts with news/releases/launches and apply stop losses. I know alts are cheap at the moment however no BTC reversal confirmation = negative risk/reward trading.
$5750 is to be treated as major support
$5900 is to be treated as temporary support
$6400 is to be treated as temporary resistance
$6775 is to be treated as major resistance