We again saw that classic bullish divergence via the relative strength index again, I've marked it with arrows. This again results in a break higher starting around 23:00pm last night topping out around 35.5k at 9:00am this morning UK time.
I feel like the price is potentially going to break out the high at 35.5k but soon after retrace and continue the descent down to the 28k areas come next week. If the bearish pressure is strong the BTC price doesn't have to create a new high like my forecast, we could see a straight drop from here looking to target the lower trendline of this premature descending channel by early next week.
Could see a potential liquidity pool if the high gets broken out as retail traders will look at this as a long opportunity with their stops below the previous low. The stop losses of those traders would then give some liquidity for downside as when those stop losses get hit those traders are basically selling back their long positions pushing the price lower.
@Ihave2tickets Hi man, If you have a look at my analysis I posted on the 23rd of June “BTC current thoughts daily” I leave a reply under one of the comments explaining the two possible scenarios regarding the bear market in my opinion. 😁
DutchyFX
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@trader1878 “Yh it’s just looking ever more bearish as the days go on 🤷🏻♂️ I just hope if this is a bear market now it can be done with quickly as there are 2 ways this can go.
1. Everyone accepts the bear market. We see a swift fall taking only 1,2 months down to the 20k levels, we then see a fast accumulation phase of the discounted coins and then ATH by December early Jan 2022. 👍🏼
2. A slow and drawn out drop down to the 20k area with some very large pull backs as bulls don’t accept the bear market, this would then result in a descent taking much much longer... Upwards of 5 months I’d say before we hit the reversal level. 👎🏼
I know which scenario I want, if this is a confirmed bear market the quicker we hit 24k/20k the better😂 whatever happens Bitcoin and crypto are gearing up for a massive 2022”
that’s the comment to save you the time 👊🏼
Ihave2tickets
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@Zen_3_6_9,
Loved your analysis, keep it up man 🙏👍