Bitcoin bulls ran out of steam and stalled out at $9900 last week then failed it's attempt to break back through $8700 this weekend. It's pulled back about 50% of the +$3000 gains it had from the middle of April thru the first week of May. All of the Consensus hype about big price action actually was just the opposite. We could continue to have another 2 weeks of volume decline. When the volume dips hard, the price dips harder. If we dip hard, I expect to find next support level at $73xx. If it falls under that range, the volume will dry up and we could re-test $6800 in 2 weeks. Then a 3 week rise back to test $10k in the final week of June.
Comment:
Bitcoin bounced off its historical support at $7k and is sustaining it's longer term trend line at +$7.3k - volume needs to pick up considerably to move back above $8k. The weekend could be boring with low volume dips. Don't get trapped
Comment:
STILL riding that lower long trend line.
