BTC BULL scenario - we already completed ABC correction and this was the start of wave 1. Retracement was a tad deeper and dumped off raises red flags, plus the head and shoulders top we had. We are currently at an apex of price action where if we fall under 9k, we can expect a drop to 8k. Possibly 76-7800 ranges. Thats a cold potential reality we might have to accept. Overall, we will bounce back and its just a minor setback. We need to see some bullishness pretty quick to start the potential bottom and start of wave 3. The market is good at shaking weak hands and that might also be what we are seeing here. I drop below 9k would be a very BEARISH sign.
BTC bearish scenario - that last little run up we had was the B wave in an ABC correction and were about to start a bigger wave C down to 7800-8000 range. The RSI volume is getting very low and I see alot of weakness in the market. Im starting to lean more towards the bearish scenario.
We will find out shortly. For now i'm neutral-bearish. In the process of closing some positions back into cash with a little loss on the day to prevent further losses if we breach 8K.
BTC bearish scenario - that last little run up we had was the B wave in an ABC correction and were about to start a bigger wave C down to 7800-8000 range. The RSI volume is getting very low and I see alot of weakness in the market. Im starting to lean more towards the bearish scenario.
We will find out shortly. For now i'm neutral-bearish. In the process of closing some positions back into cash with a little loss on the day to prevent further losses if we breach 8K.