Bitcoin Down to $2900 before the bull returns.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi friends, this is my first idea I'm publishing on trading view. It is my view that bitcoin is setting up for another downward capitulation before returning to normalcy, this process will take a few weeks to run itself out.

The first big resistance will be around ~$7200, I'd think we bounce here and float around for a bit before falling through the previous low of $6000 down to ~$5300, we should get a bigger bounce here but it will be short-lived (few days) before finally rolling over and finally heading back to $2900. This will be your accumulation zone before we start our next bullrun in bitcoin .

Enjoy and be careful trading out there!
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