Price has yet to break out of triangle (purple lines, switch to log scale) and find strong confirmation. Almost happened yesterday but G20 news saved the day. I expect the price to continue down to about the C point. The end of the correction wave is a bit hard to call but I'm looking for support around $7400-7600 before price moves down to $6500. Could see some support at $7000 due to long-run trend line (blue line, linear scale). For the past two weeks, price has been respecting this line so may be a breakout coming when price hits the long-run uptrend line. If this doesn't happen, then BTC may do a death cross on the daily interval and prices could drop down to Q3-2017 levels.
With no significant news, the price could keep trending down for a few more months so I'm near/mid-term bearish and shorting when price comes in line with the short-EMA (20-50 period on 2-4hr interval). Long-term bullish though.
With no significant news, the price could keep trending down for a few more months so I'm near/mid-term bearish and shorting when price comes in line with the short-EMA (20-50 period on 2-4hr interval). Long-term bullish though.
Trade closed manually:
Seems the bulls have taken over....looking for price trend back up to resistance (Purple log line) before coming back down. Will breakout be positive or negative? No one knows but I'll be hedged either way.