My sir @cryptographic, We believe that Bitcoin is trading in a large range of $6,075.04 to $12,172.43. The strategy to trade such a large range is to buy near the bottom and sell close to the top. So, we have been waiting to buy on a sharp dip below $7,000, as close to the bottom of the range as possible, so that our risk is less. If the $6,075.04 level breaks, the digital currency can fall to $5,450 levels.
The BTC/USD pair is presently facing resistance at the downtrend line. Even if this level is crossed, it will again face resistance close to the 20-day EMA. Once this level is crossed, a move to the 50-day SMA is possible.
We retain our preference to buy on a sharp dip but only after the fall is arrested. Therefore, we suggest waiting for a couple of days to get better clarity.
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Have a great day sir.