The last 3 days have spooked some investors who think this is the top and now we're in for much lower prices. That may be true, however from my viewpoint, the trend has not changed. We are still trading well above the cloud on the daily. We are flirting with a bearish cross over on the 4H 50/200 and already crossed on the 4H 50/100. However, If you step back and look at the trend. We are clearly finishing up wave 3 of a larger move, and until Bitcoin breaks below the channel (shown in the chart), we are still just following the plan. In fact there are obvious similarities to the moves from March-April. The STOCHI RSI is now reset on the daily and waiting for a crossover upward. We still have an opportunity to break the mach trend. In fact, I believe we will try at least one more time and if it doesn't break, we will likely see 6K bitcoin again to meeting the 200 SMA on the weekly. Happy trading!
Comment:
Extending the flagpole, assuming we are forming a bottom here makes the next move up to $12,500, and above the body of the previous macro high last year
Comment: