Why BTC is going down and what's next.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Points A and B are where the 200DMA are which were the last points of resistance for BTC . Going above at both times woulda been very significant bullish reversal signals for institutional investors since the downtrend began hence, failing to break through signalled sell-offs. Next medium term targets are around the 100WMA and 200DMA at C and D respectively.
Meanwhile, don't have a heart attack yet. Just have some ramen till the bulls are fully back.
Next thing is to look for signs of buying interest at any level.
Pls , drop your thoughts, comments and don't forget to like and share.
Comment: New support added at 4k which is where the 0.70 fib level is and due to the long period it took to get to target, supports now revised as: 5450, 5250 and 5k short term while intermediate targets are 4800, 4000 and 2800.
Comment: For now, I believe most likely, price won't go below 5k but a confirmation of the start o a new bull market would be breaking the 200DMA.
Nice analysis. The bears seem to still have enough steam to do what they do best, at the moment. I fully agree that that BTC might get to the 5450 support, but... I don't see it at 2793 in all scenarios. But you know, the market is always right, you may be right. After all, I anticipated 6.8k as the reversal point. Again, we may see another pre-ETF ruling pump prior to September.

I'm looking to short no more. Looking for a long position, I am. On the sideline, I am.

How do you think alts will respond soon, considering that ETH is getting a beating of a lifetime (LOL)?
Fhdjsleifnc dafortress
@dafortress, Thank you. I also agree with you. The second bear target which is at the 200 week MA is only valid if the C target at the 100WMA doesn't hold though. Price action when we get there will determine a lot. I think alts will still take some beating and it will only be survival of the fittest till we have decoupling of the alts from BTC.
the bulls are fully back.? when in months? :!
Fhdjsleifnc macszuckerberg
@macszuckerberg, By saying months, it could mean 2 months or as long as 18months but best thing to do is to determine key support levels and watch out for price action(volume, wyckoff's effort and results analysis) whenever we get there. The selling pressure could stretch out for few weeks or months at most like we've had since the beginning of the year.
+1 Reply
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