The opening day for many retail traders and investors proved to be relatively slow across the board, with BTC only managing to range $100 to the downside since this morning. Bitcoin continues to respect the channel of $8,060 - $8,310 with price not testing either of these levels over the past 24hrs.
The 4hr chart shows the clear consolidation and minor channel that price has formed since being rejected at the $8,600 level. It is still unclear of which way price will break but i believe the longer we trade within this region, the strong the break will be, either to the downside or the upside. I believe we could range within this price region for the next few days before retesting the $8,600 level towards the end of the week as the markets wake up and investors are very active on the charts.
So we broke to the downside in a big way. I think we will go down more, but hope that we will make a higher low from what we saw at the end of June. Like 5900.
I totally agree. If we are able to create a lower high that will be very positive for price rising in the future as that is the necessary pattern of an uptrend.