The way I see it, the further away from the $6800 price point you move, the better. And that goes tenfold for the ultimate line in the sand. That ultra-strong $6000 level. Price is slowly but surely climbing higher as the days go by. But there's not that much volume in it overall and things are looking to stay like that for a while.
There were fears not too long ago that the price of BTC may go down much lower. Whilst I still think that is a very real possibility, the chances of it actually transpiring are getting slimmer and slimmer over time. If indeed $5800-$6000 is the absolute bottom, then the best we can hope for in terms of price is to remain in this narrow band for an extended period of time whilst a few of the longer term technical slowly reset themselves. Hence, this current move up could well be capped off by anything in the region of $7800 or higher. I expect a small range-bound movement in the range of $7000 to $7800, give or take a couple of hundred either way.
How long will this last? That is literally the million dollar question. I'm sure nobody will know enough to even give any type of realistic prediction, apart from maybe looking at seasonal shifts in the market. But, when push comes to shove, we will see when we will see. Though the longer price remains trapped in this ever-tightening band, the more intense the breakout will be. That is for sure. So, our patience should hopefully be amply rewarded after this prolonged and boring game of cat and mouse draws to a close.
As always, guys. Keep diligent and act upon what you see, not what you think... :)