Yesterday, BTC dropped right into the support zone.
Since this zone held up pretty well so far, I don't assume that it is going to break without a further pullback. The RSI on the smaller timeframes doesn't have much juice to go lower.
If one wanted to scale into a short, the marked area would be a great territory.
We're still in a technical bear trend and keep getting lower highs, which should result in the support area eventually breaking.
Looking at the live markets, I personally just don't feel like we have selling pressure to get through the 5,8k-6k area.
Emotions and gutfeelings however, can change. So you have to be prepared for both scenarios.
Since this zone held up pretty well so far, I don't assume that it is going to break without a further pullback. The RSI on the smaller timeframes doesn't have much juice to go lower.
If one wanted to scale into a short, the marked area would be a great territory.
We're still in a technical bear trend and keep getting lower highs, which should result in the support area eventually breaking.
Looking at the live markets, I personally just don't feel like we have selling pressure to get through the 5,8k-6k area.
Emotions and gutfeelings however, can change. So you have to be prepared for both scenarios.
