BTCUSD: 6K Psychological Support Attractive For? Buyers.

22 jun 2018

BTCUSD update: Bearish momentum is still asserting itself and price may be entering the 5956 reversal zone boundary. Often movements like this will have the attention seekers out in full force screaming that 3K is coming. Pay attention to the price action and nothing else. In terms of probability, price is now in an area very attractive for buying, not selling.

The two most important levels at this moment are the 6K psychological support and the 5956 reversal zone boundary. It is the extreme price scenario that I have been writing about. Since the move is quick, their will be many weak hands dumping their coins at the lows. Great time to be looking to buy.

Now keep in mind, I do acknowledge the bearish momentum. Lower highs often lead to lower lows, but what makes this situation unique is the broader location.

Price is in a broad support zone. 8171 to 4983 is the .618 of the entire bullish move measured from the 150 lows. I have been writing about this area constantly because it should not be overlooked. Even though it it is very wide, and price can move lower within it, it is still a place to be accumulating.

The reversal zone boundaries at 5956 and 5669 are very probable if there is not a quick recovery over the next few hours.

At S.C. we are managing long term inventory and not selling it. As I wrote previously we have been watching for an opportunity like this to add, but carefully. We are specifically waiting for some form of reversal either off the 6K support, or within the reversal zone boundaries below. Otherwise we wait to see how much lower this market can go.

In summary, what has occurred on a chart is now history. Do not make the typical herd mistake of projecting old information forward and instead consider the probabilities. At 18K, we knew the probability of higher prices was limited, and at these levels, we have the opposite scenario. People can say whatever they want or feel, but we only listen to what the market says as it expresses itself in the charts.

Extreme prices often lead to new opportunities and at S.C. we are waiting for these to appear. It starts with the level, and then the formations. If criteria is met, you know where we will share it.