Bitcoin (BTCUSD) peaked at $10,074 on the 7-May and prices are now trading near the $9000-$9300 price range. Bitcoin is no longer trading near resistance, now it is going towards support.
I saw some signals out of the charts and technicals that are really strong and pointing to a drop.
Mondays can be bloody for Bitcoin so please be cautious.
The potential targets for this drop start at the $8600-$8500 levels which can quickly move lower on strong volume.
Looking at the low volume this weekend prompts me to prepare some more.
Remember that there can be the fake/sudden move to the contrary side to shake a few positions up, but once that is over Bitcoin can start to drop.
Conditions for change For BTCUSD to go bullish in our view on this setup, prices need to move and close first above the EMA10/Green line ($9330.68).
As long as Bitcoin remains trading below this level, we stay open to seeing prices drop anytime.