What’s going on with BTC at $7300

[Justin]

We’ve seen BTC hit $7300 then retrace a few times. We have a trade open at $6,287, so it seems a bit frustrating the trade isn’t closing out at that $7,300 for solid profit.

Looking at why this might be, here’s my 2 cents:

-Overall, we’re in an uptrend making higher lows.
-$7,300 appears to be a critical level. If price goes above, it will likely continue up quickly.
-$6,800 appears to be providing support. If price goes below, it will likely tank and end our uptrend.

Based on this, I believe the model is figuring the probability of breaking above $7,300 is worth staying in the trade.

Of course, this is conjecture, but these levels seem key.

What are your thoughts on the current market dynamics?

[Rob D]

Well it closed around 6800 so its playing safe I guess. My gut is there is a significant chance we see low 6’s again short term. Bouncing off of that and we can go race to the 7’s again.

[Author]

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