BPAtrader

BTC,the selloff may reach the limit,never has consecutive 8 bear

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Price action in daily chart:
1. After 3 consecutive bear bars, market probably will dip.
2. Market never has 8 consecutive bear bars in recent years.(Maybe I am wrong, please correct me)

Now it's the seventh day, if market cannot climb higher than 8772 after UTC 0:00 tomorrow, it would be the 7th bear bar, which is rare. So I think the selloff may reach the limit in short term. Market probably will go sideways for some time.
I am still a bear. If I buy long-term bitcoins , I will wait for 6860. But in short term, I think market should face a correction up.
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