BTC High Level Price Action Overview

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by Dave

BTC high level view with Weekly closes.  Note the volume decline… (bottom of chart)

Local Resistance above here is at approx 6450 (red horizontal, now very strong as we have broke through)

Local Support at 5800 area (light blue horizontal)

I suspect there maybe few more baby dead cat bounces in between but I see a potential reversal in the late summer, a possible target for 4500 area? But bear in mind in 2014 the price went well below the linear uptrend for some time.  3600 area seems another place for support…

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ps can you spot when Tether started printing? yep just before May 2017 when the price action shortly afterwards left the red upward diagonal trend…

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I also see no desperate need for a short squeeze anytime soon.  The BitFinex Longs / Shorts ratio (more Longs than Shorts) is >1.4, back in early April it was 0.8 (more Shorts than Longs)

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