BTCUSD, the first December update

BTCUSD, the first December update

In theĀ previous overview of BTC, I wrote:
We should expect a stalling of the bullish pace. While price is holding above 7700 – we should interpret current short-term #BTC chart from the bullish position.

Here is what we got since that overview.

  1. Green circle – is an expected balancing zone. Low volume trading range slightly above 7700. Low activity could be interpreted as a lack of interest in the current level. Where the market is interested to step next?
  2. This bar gave an answer. Top tail represents the Trap for bulls who did believe in resuming the bullish trend. Also it triggered SLs of sellers above 7800 round number. But bar closed on the lows and produced tears for both parties – knocked out bears and trapped bulls. This bar is rational for establishing shorts.
  3. Weak bar
  4. Weak bar
  5. Weak bar
  6. Some strength is entering below 7300
  7. SLKB diversion. Triggering SLs of bulls under 7200 and Trapping bears. Next bar up – and confirmation of strength.

What is the most expected Scenario for me?
SLKT above 7500 (top pink line) with further bearish attack toward 7200 support.

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