Drop down to $6k likely in next 48 hours

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In the days leading up to 10th June Stoch RSI was maxed out and RSI was approaching undersold.
Inevitably a $700 one day drop occurred.

In the days leading up to 22nd June Stoch RSI was very high and RSI was approaching undersold.
Inevitably a $700 one day drop occurred.

In the days leading up to TODAY Stoch RSI is maxed out and RSI undersold.
A $700 one day drop is therefore a very real possibility today or tomorrow.

I fully expect the $5555 critical support to hold if we come close to it.
This is all just part of the long term consolidation ahead of the rise back up to $20,000 later this year.

Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
Comment: It's been building for a few days longer than anticipated, but we are well on our way down to $6k, with a $400 drop just in the past 12 hours.


Antilogic TA pffffff
BCryptological MuffyPuffy
@MuffyPuffy, Any reasoning behind that... how far down do you think it will go over the next few days? Or perhaps you don't think it will go down at all?
MuffyPuffy BCryptological

If we assume, that the last downwards Elliott Wave is finished, than we are waiting for an ABC correction to at least 0.38 Fib retracement.
That being said, we are currently at the B wave of the ABC correction. A target between 0.38 to 0.61 fib is reasonable, which would be a target nearby 6350$ to 6150$.
dalmazio MuffyPuffy
@MuffyPuffy, I would mostly agree, but these ABC corrections have had a history of being closer to 0.618. So I would put it at 0.5 to 0.618 fib, and more like $6250-$6150.
@dalmazio, Here we go... $6131 and dropping
+1 Reply
BCryptological MuffyPuffy
@MuffyPuffy, $6085 now - any change in your analysis?
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