My take on bitcoin for the coming weeks is that we're going to see another big drop. When the CCI reading went from +100 to -100, a large price drop followed. A MACD cross and 50 MA breach occurred around the same time as well. These situations have resulted in large 30% drops minimum, and I think we'll see a similar drop again. But before the continued downtrend, I'm anticipating a bounce first to around 7.2-7.3k. We could bounce to 7.4k or higher, but each subsequent bounce in these situations having been getting weaker which is why I'm targeting the 7.2-7.3k area to enter a short position. The red stars mark each bounce/retracements. I'll have a more refined entry if/when we get to that level. Target for my short is near the previous low around $5.8K.
NOTE: ETF news will likely affect price so any positive news would hinder downward movement.
NOTE: ETF news will likely affect price so any positive news would hinder downward movement.
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not sure if that link will properly work so I'm adding an image
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If price is able to drop to $6.7k area, I may try to catch a wick to go long because of good support at that level. Long target is $7.3k which I would then flip to the short