Bitcoin reached my 1st Bearish Target of $25K. I posted this idea back on June 5th.
The 1500 Day moving average was tested again and blew right through, so we did not get a bounce. The 1500 MA has now moved lower because of the drop below $26K. This signifies there is much more room to go down to the next fib line. The 1500 MA is now fairly close to the .236 Fib. I imagine these will overlap in the coming days.
I have a .236 Fib target set at about $18,600. We will have to test that next. Inflation is stagnant above 8.5% and the U.S. has to absorb the amount of currency it just printed. We printed 40% of the total supply in history in just the last 2.5 years. That debases the dollar and causes it's value to decline. Once the decline of the dollar is confirmed against the Trade-Weighted Dollar Index, Bitcoin should move up against it as it has in the past over every 48 month period. However, investment in cryptocurrency has been following the stock market.
I was cautiously long on my last idea, but still left myself a stop loss and bearish target.
The 1500 Day moving average was tested again and blew right through, so we did not get a bounce. The 1500 MA has now moved lower because of the drop below $26K. This signifies there is much more room to go down to the next fib line. The 1500 MA is now fairly close to the .236 Fib. I imagine these will overlap in the coming days.
I have a .236 Fib target set at about $18,600. We will have to test that next. Inflation is stagnant above 8.5% and the U.S. has to absorb the amount of currency it just printed. We printed 40% of the total supply in history in just the last 2.5 years. That debases the dollar and causes it's value to decline. Once the decline of the dollar is confirmed against the Trade-Weighted Dollar Index, Bitcoin should move up against it as it has in the past over every 48 month period. However, investment in cryptocurrency has been following the stock market.
I was cautiously long on my last idea, but still left myself a stop loss and bearish target.
Comment:
Price has dropped below $21000. I adjusted my target to around $18426, since Fib updates.