Bitcoin likely to go down to 7.55k level

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

as I have mentioned in my previous TA, BTC inevitably failed to break the 8.4k resistance level and is now having a correction before it can go higher (I believe that BTC is bullish overall).

The question is how low? As many predicted, EMA20 was a very weak support to withhold and we are currently forming a bearish flag right above EMA200.

I would say that there is a slight chance that EMA200 will hold. But for that scenario to hold, BTC must move upwards quickly and move above the 8.1k level. Otherwise, we will see BTC testing EMA50 and EMA100 lines as supports.

I personally see a lot of FOMO even now. Altcoins are not much losing its value since many think that this is just a mere correction (and many expecting it not to be a violent one). For that reason, even if the bearish flag turns out to break downwards, I would be willing to start buying at higher levels, perhaps starting a little from 0.618 level (7.8k) and more towards 0.5 level (7.6k). Even if these levels fail, there is ample support within 7.6-7.5k. The risk of entering would be not that high.

Note that if a break down of 7.4k level occurs, though, there can be a very violent breakdown of BTC . Given the amount of accumulation and the change in market sentiment, I am highly doubtful that would occur. But who knows? We've seen whales decimating shorts by buying 30k within an hour. But given the lack of FUD in the present time, I would believe that it is much less likely for BTC to fall again, at least below the 7.2k level. So for a very conservative entry, look for 7.2k and enter if that confirms as a support.

Good luck and thanks for reading.
Trade active
Trade closed manually: BTC only went as low as 7.82k. It seems that it was another bear trap! The bulls are completely in control, as of now.
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