As expected, Bitcoin bounced back from ~$7350 and is now consolidating just at $7500-$7600. This is allowing the to reset before more downwards movement likely retesting the next major fib level (our lowest point) at $6450. We just bounced off the 0.236 fib level and couldn't even make it to the Span B cloud. There is almost no here in the green, and the is approaching oversold with little price movement. We didn't expand that much on the 4 hr BBands downwards and are not even that far from the , suggesting our predictions from the $9000 range are still continuing. The weekly suggests that unless we form a at $6450 that things will get much much worse. Though everyone used to dismiss ideas of extreme lows, if the doesn't happen we could see a gradual decrease into those ranges. On smaller timeframes, we hit the top of the Span B cloud resistance on the 30min and are soon to head back down in the coming hours. All the best with your trading!
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