Reminder for the bearish case on BTCUSD
When BTC was at $6,000 if I told people we will get to $7500-$7,800 resistance a big percentage of them would have said that they will short there and it's a good RR trade. IF I ask the same people now, probably 80% of them will not take that trade. This is how market psychology works.
Just a reminder of why there are still reasons to take a bearish trade at these levels (listed on the chart). To reverse the bear market into a bull market we need a higher high and a higher low on the daily chart. We don't have that yet and it will take some time to get there.
That said the current strength might continue and for the moment it's not clear when we are going to get a correction and a possible retest of the $6,800 breakout area. To be honest the best thing for bulls will be a retest and then continuation of the trend up.
Just a reminder of why there are still reasons to take a bearish trade at these levels (listed on the chart). To reverse the bear market into a bull market we need a higher high and a higher low on the daily chart. We don't have that yet and it will take some time to get there.
That said the current strength might continue and for the moment it's not clear when we are going to get a correction and a possible retest of the $6,800 breakout area. To be honest the best thing for bulls will be a retest and then continuation of the trend up.