The way I see it, Bitcoin is at a very strong sell zone.
There are 2 scenarios.
1) It drops from 16820 (from here)
2) it performs a bull trap by breaking the resistance trendline and hitting the stoplosses there. That would make a target of 17,580, after which it would drop.
The 16,820 short position would be invalidated if the price pushes past 17,060. If that happens, 17,580 becomes the next short position.
There are 2 primary targets for this short.
1) $6,480
2) $2,280
I believe both targets will be reached before the next big bull run.
-Hawk
Here's my longterm analysis. You can read the description there for more info:
There are 2 scenarios.
1) It drops from 16820 (from here)
2) it performs a bull trap by breaking the resistance trendline and hitting the stoplosses there. That would make a target of 17,580, after which it would drop.
The 16,820 short position would be invalidated if the price pushes past 17,060. If that happens, 17,580 becomes the next short position.
There are 2 primary targets for this short.
1) $6,480
2) $2,280
I believe both targets will be reached before the next big bull run.
-Hawk
Here's my longterm analysis. You can read the description there for more info:
