Zooming out to the 1D chart we get a better picture of the . is still showing oversold and there is a clear loss of .
For all you Fibonacci and fans, here are a couple charts to consider as well:
I hesitate to call a short here though because of that one consideration I mentioned up top: Bitcoin Gold is set to happen in less than 4 days. In case you are not aware (and I admit I am not very knowledgeable on the situation myself), Bitcoin Gold is a potential hard fork that would create a second token much in the same way Bitcoin Cash did. In order to cash in on this new currency being created, I imagine many people will buy up BTC right before the fork.
All in all this makes for a tricky situation. In my previous post I mentioned that if we broke $5800 a good take profit mark would be at $6500 or $7000. I retract those numbers and think $6200 or $6100 is now much more appropriate. If the market corrects, I suspect we will see a quick, hard buyback as people stock up for Bitcoin Gold .