BTC is up against a weekly resistance now after a strong push off the 5800 support level. It has created a new higher low here and gone on to create a new higher high.
It has also just broken out of the long term down trend which has been respected since early May.
If it gets rejected here we may head back down to retest the recently broken down trend for some support. If that fails to hold BTC could continue back down to retest the monthly trend line.
Holding at that level would continue the new market structure of higher high higher low and could mean we are going to head back up and retest the weekly resistance.
A breakout here would see BTC retest the newly broken resistance and potentially continue up after that to confirm a trend reversal. IMO we would need a close above 6850 to confirm this.
Watching very closely for a possible short and re entry off the trend line.
It has also just broken out of the long term down trend which has been respected since early May.
If it gets rejected here we may head back down to retest the recently broken down trend for some support. If that fails to hold BTC could continue back down to retest the monthly trend line.
Holding at that level would continue the new market structure of higher high higher low and could mean we are going to head back up and retest the weekly resistance.
A breakout here would see BTC retest the newly broken resistance and potentially continue up after that to confirm a trend reversal. IMO we would need a close above 6850 to confirm this.
Watching very closely for a possible short and re entry off the trend line.