Bitcoin will drop below 7000$ this month - SELL Monthly Chart
Bitcoin did a massive rally from 3200$ to 13500$ in anticipation of BAKKT Trading Launch. Bakkt trading has launched last month, and Bitcoin also broke down from the descending triangle formed on Daily Timeframe. After 2/3 Months of sideways movement, bitcoin broke down from 9400$ and HIT recent swing low at 7730$ Last Month.
What to expect from Bitcoin in this month:
- BTCUSD has broken down from 7MA on the Monthly timeframe, which is a bearish sign.
- BTCUSD should hold 21MA on Monthly to be in Bullish Cycle. Losing of 21MA could push the price down to 5500-6500$ and lower.
What should be our plan of action this month:
SHORT THE BOUNCE
Trade Signal:
Entry: 8800-9200$
Exit: 7000-7500$
STOP: 9600$
What to expect from Bitcoin in this month:
- BTCUSD has broken down from 7MA on the Monthly timeframe, which is a bearish sign.
- BTCUSD should hold 21MA on Monthly to be in Bullish Cycle. Losing of 21MA could push the price down to 5500-6500$ and lower.
What should be our plan of action this month:
SHORT THE BOUNCE
Trade Signal:
Entry: 8800-9200$
Exit: 7000-7500$
STOP: 9600$
Trade closed: target reached