Hi traders, we're bouncing today but I am not quite ready to add to my position.

Bitcoin.

• My dip buy from five days ago is finally back in the green but we're not out of the woods yet:

• Although we've bounced from $7000 and are ramping up inside the current balance, I believe the price is likely to find resistance at around $7600 where you can clearly see a noticeable dip in volume;

• If we were unable to break above $7600 then I expect the market to continue breaking down below support ($7000) zip right through that lower volume well, down to the next value node at around $5700;

• On the flip side, if we were able to break above $7600 then managed to stick around the higher balance around the point of control ($8200) that could be the first sign of a recovery, particularly if the price starts moving sideways from there.

• As I wrote a couple days ago, my bias is still bearish because Bitcoin has lost its mainstream appeal for now hence the market inability to maintain higher prices:

• That tells me that price action is currently completely under the control of larger players and those need to agree on a fair market price before we finally get some consolidation. This could happen at current level, or much lower but one thing is certain: I am going to keep buying into weakness at key levels (volume nodes) with low sized position until we hit accumulation at which point I will start investing heavily in preparation for the next market cycle.

Cheers!

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