BTC: 11K Imminent? New Short Term Targets (Aug. 25)

Bitcoin is now creating a new parallel channel that may be showing affirmative signs of going to lower.
It may be possible to see sub 11K, mid 10K levels if the channel breaks! We are getting one step closer to our CME gap that many bears are currently eyeing. It's important to always have both understanding of the bulls and bears in terms of probabilities, and the tables might be turning to the bears more definitely.

Targets:
$11,370
$11,000

Analysis:

1. Bitcoin has been trading indefinitely below the main trend line that bulls were supposed to protect (yellow line on our chart).
2. Bulls are being consistently trapped with each rise in price.
3. We are seeing a defined parallel channel being created with a new lower high for the short term.
4. Followed by a larger HnS (Head and Shoulders) pattern, we are now seeing a possible second mini HnS pattern being formed within our parallel channel.

What We Believe:

We believe that Bitcoin is still going to grind its way further to the downside and fill the 9.7K CME gap that we have been eyeing for quite awhile. Please take a look at all of our previous posts as we stick to the short term trend. Although we are still overall cautiously bullish for the longer term, we also firmly believe that markets do not move in straight lines.

Trade Safe.

X Force

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