BTC - The mother of all corrections to continue .1

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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Dear all, this is my bearish idea for BTC . Despite the fact that bulls were able to demonstrate some strength by pushing the price towards 6.8K from 5.7K levels - I believe this was a relatively weak bounce and the trend will generally remain bearish until a positive catalyst comes up.

According to monthly MACD , 8, 13, 21, 55 EMAs on the weekly chart, bearish divergence and shooting star pattern that can be clearly observed on the daily chart - BTC should start retracing shortly.

I expect the BTC to retrace to 4.7K levels and the bull run to commence this fall, probably October- November 2018.
Trade closed manually: Bulls been able to push the price higher than expected in the given time-frame. After a longer study on multiple time frames I have come to conclusion that 8K levels will be tested after all. Current idea has been invalidated. Stand by for further notice.
Comment: Second and the final version is coming.

Related Ideas

brilliant :) thanks
This is likely the start of an accumulation period with the creek ending with a bounce around 4.7-5k.
+1 Reply
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