BTC has fallen to the April monthly pivot point at $39,500 and bounced up to test the weekly S1 support pivot point. It was rejected and after a stop hunt up to $40,693 it appears to be headed down another leg.
This is what I predicted in my March 29 idea:
www.tradingview.com/...s-BTC-73k-by-summer/
I think we'll test the weekly S2 support pivot point at $38,344 which is also the top of the triangle (blue) that BTC was in from late December until it broke out in late March.
We'll probably see a small bounce there before heading down to the bottom of the triangle (blue) which is also the March monthly S1 support pivot point.
I anticipate the bottom coming in around $36k before we get a serious rebound, but it may happen around $37k as we hit the bottom of the main channel (grey).
This is what I predicted in my March 29 idea:
www.tradingview.com/...s-BTC-73k-by-summer/
I think we'll test the weekly S2 support pivot point at $38,344 which is also the top of the triangle (blue) that BTC was in from late December until it broke out in late March.
We'll probably see a small bounce there before heading down to the bottom of the triangle (blue) which is also the March monthly S1 support pivot point.
I anticipate the bottom coming in around $36k before we get a serious rebound, but it may happen around $37k as we hit the bottom of the main channel (grey).
Comment:
It's taking a little longer than I thought to fight the bulls, but I think in another 8-10 hours we'll be ready to dump. Look at the Ichimoku cloud hanging over the weekly S1 pivot point that is acting as heavy resistance along with the top of the descending triangle.
