The weekly BTC chart is becoming clearer with what is coming next. With volatility contracted this shows a major move is coming, this week we have the signal with BTC getting rejected from the key 21500 area, next week is the confirmation. So long as BTC is closing candles below the SMA 14 the direction for this move is to the downside.
The targets for this move are 13700$ and possibly extension to 12k area as a wick, from there BTC would form a bullish divergence in EFV (private indicator for now) as well as complete the pattern of dropping just above 80% from the top like in previous corrections also recovering all the volume candles from the last bull run, marking the bottom of this bear market.
Invalidation: next week or maximum until the end of September, BTC confirming above 21500$
The targets for this move are 13700$ and possibly extension to 12k area as a wick, from there BTC would form a bullish divergence in EFV (private indicator for now) as well as complete the pattern of dropping just above 80% from the top like in previous corrections also recovering all the volume candles from the last bull run, marking the bottom of this bear market.
Invalidation: next week or maximum until the end of September, BTC confirming above 21500$
Comment:
Based on the time Bitcoin is spending in consolidation in preparation for this move, am updating the target for the extension to 10800$, the monthly uptrend for BTC is in real danger this time.