today we saw a second attempt of the bulls to break this heavy resistance zone around the 7500/7800 but again we failed I’m convinced it's the same people who to did it at the 6800 area a week ago but they failed that time so buying here needs much more confidence of course. Since Alts are not backing up the bullish sentiment, it's more difficult of course to attract buyers into the current price levels.
This manipulated move we saw today can have 2 options id say it’s just to much people taking profit here AND bears just shorting too much and the market is not ready for a break of the resistance and/or this was just a long shake out, to scare weak bulls out of their long positions and to continue up without them in the bullish scenario... there is still room for a drop to around 7100 even, something that could happen should not be seen as a sell off right away. Positive note for the bulls at the moment, they keep the price close to the resistance and because of that their showing they are not yet ready to give up. So the longer we stay at the 7400/7500 levels, the more confidence the bulls will probably get, to finally push through that resistance. At the moment we are getting some confirmation of this scenario, thats because the price got bought around the 7350 level again, even though the dump was so massive. It shows that it either was just a plan or bulls are not scared at all and just start to buy again like nothing happened and are happy they got a second chance to get in around these prices again but the price is moving in a bear flag zone, so we still need to stay aware. Next to that, we need to see some improvement and confidence in the Alts. We need that to have more bullish sentiment in this market which can create more confidence for buyers to get in again AND of course to create what the whole crypto market is built on, FOMO. So at the moment, the mid-term bullish scenario is slightly in favor but only slightly. We just need to show some patience and see what will happend the next few days. #cryptocurrency