Bitcoin is doing exactly what we expected it to. On the inverted chart for BTCUSD, it is completing the right shoulder and soon as it is done with that, we would be looking for a decline below $9k and eventually towards $6.7k. It is important to realize that while this is not a good time to be bullish, it is not a good time to be bearish either. We need to wait for the price to break out of the falling wedge on this inverted chart before we enter short positions.
For now, BTCUSD will continue to keep the bulls optimistic while inflicting some near-term pain on the bears. The S&P 500 looks extremely vulnerable and we are on the verge of a major decline in both markets. This next decline has the potential to turn the current IH&S formation into a bigger one which would then pave the way for a decline below $3k this year. I have to reiterate that $3k is easily possible this year. In fact, if the stock market decline turns out to be more aggressive, we could even end up reaching our $1k target this year.
Comment below with your thoughts and suggestions. If you liked this analysis, please like and share it. Follow for more. Good luck! :')
For now, BTCUSD will continue to keep the bulls optimistic while inflicting some near-term pain on the bears. The S&P 500 looks extremely vulnerable and we are on the verge of a major decline in both markets. This next decline has the potential to turn the current IH&S formation into a bigger one which would then pave the way for a decline below $3k this year. I have to reiterate that $3k is easily possible this year. In fact, if the stock market decline turns out to be more aggressive, we could even end up reaching our $1k target this year.
Comment below with your thoughts and suggestions. If you liked this analysis, please like and share it. Follow for more. Good luck! :')
Comment:
Price has already tested the top of the previously broken falling wedge.
