BTCUSD 09 AUG 2018 - Daily Update

As expected, we've clipped 6100 level.
That was the plan for shorts yesterday.
We bounced from 6100 to the upside and we have some profits for the patient buyers, too.
Read more about that in yesterday's post.

We're not guessing.
We're trading what's more likely to happen.

Moving on to today's plan(s).
What are we working with?

We have the price in between short-term significant levels around 6780 on the upside and the verified support around 6100.

Due to the fact that the recent price evolution was mostly downwards, we can continue to bet on the same horse.
Inertia at play here would put us in shorts on every selling opportunity towards 6100.
That's expected to be tested and eventually broken to the downside, as it's already touched multiple times.

Multiple touches of the same level are usually seen as causes for the weakening of a zone.
Unless there are fundamental reasons for buyers to defend it, 6100 has limited chances to stand much longer.
Adventurous buyers on the 6100 are bound to have their stops hunted under that level, so beware.
The level is too obvious to ignore.

Psychological level or not, 6100 will either be broken or confirmed once again as support, so we can plan for both cases.
That's a good target for sells or a good level to buy bounces off of it.

As long as the price does not extend much above 6500, all rallies can be good opportunities for sells with stops behind the most recent turncoat around 6800.

We'll not entertain long positions unless we see definite conviction and higher lows coupled with higher highs above 6500.
Even then, caution is advised, entering on pullbacks would be preferable (short term) because the positions would still be countertrend (medium term).

Trade Well!

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@tradermeetscoder