We had 5 green monthly candles in bitcoin and the last monthly is on TD13 on sequential. Historically we only had one time when we had 6 green monthly candles before correction. I think its a fear enough to expect red monthly candle for July specially after that horrible weekly close. Really hard to tell how far down the pullback will take us but levels to watch are 9500, 8900, 7300 for starters and if we should break that then 6k is not out of the question and if we should break 6k then probability to see 2.8k is in the picture. We climbed up to fast without any decent correction and we reached 0.65 golden fib exactly at bitstamp . That is also the close and open price of the highest monthly candles so far. From technical perspective we are having a very healthy correction here that will last between 2 weeks to 2 months. Im bearish mid term but very bullish long term and I think we start new bull run in September/October and theres a high probability to make new ATH by the end of the year. But for now I would recommend to switch over to short the bounces and not try to long every dip we get for a while. Dont try to rush back in to the longs. There will be plenty of time to do so. IMO we cant go up before the bulls give up and switch to short. When that will happen we will live to see.
Comment:
First target area 9300-8900
