$8,900 proved to be the top for Bitcoin // Manipulative price action gave us bullish structure only to break down over $1,000 within hours.
LONG TERM OUTLOOK //
Important
I am now expecting Bitcoin to target our Daily Demand Pivot within the Mid to Long term // This level being the $6,100-$6,500 USD level.
I would like to see the bulls hold this area and form HTF demand once the price level is reached //
Until then their is a MAX PAIN scenario we are looking @ currently.
Via our Fib extension // Fib Retracement // EMA
We have confluence @ the $5,400 USD level for BTC.
- Fib extension 1:3 - Fib Retracement 0.62 Golden Pocket - Daily 150 / 40 EMA
This also comes into play of a narrative being “Long the $6,000 re-test and we’ll be okay.” We could see a massive influx of buyers hop in around $6,000 only to get wicked out towards our Max Pain $5,400 USD target.
This is the scenario I am leaning with ^ // Although I will remain vigilant within our Blue Demand area.