Last time I wrote about Bitcoin, it was at around 14,000. I was waiting for a correction and then a possible long trade.
This opportunity never came, since price just slammed through the support level of 11-12,000.
Then, it just re-tested it and continued its downfall.
Currently the price of Bitcoin is at around 7,000.
I am looking at the daily chart. There is a major support level at around 6,000 as indicated by the chart.
On the other side, there is a pinbar that formed on the Daily timeframe. It looks like price might have finally found some support.
Tomorrow, I will be looking for a double confirmation of the 6500 level. If I see a price confirmation, I might initiate a small long trade. It will all depend on price action.
As most of you that have taken my trading course know, we are not trying to predict the price, but reading the market action.