BTC is going down now, what's next?

BTC just reached the cycle high recently and now pulling back. The overall sentiment is still bullish for now, you can tell from the Bitmex funding rate, more people are longing than short, that's why I think we have more room to go down. But the higher time frame (weekly and monthly) still shows a positive sign to me, so I am going to start buying dips once price reaches my target levels.

You can see I drew the Fib level and there are 3 price levels I am interested. ( the 0.5, 0.618 and 0.786), I will add more cash in 0.618 and 0.786 level. if price close below 6900, I will start being more bearish.

Lets look at my indicators, my C1 and C2 both show bearish sign, volume becomes red, funding rate still positive which I think we have more sell off coming up next few days.

In summary, I will be patient and wait the price to reach my price level and put more cash in. I am not in a hurry because I have already loaded some BTC when price is around 7200 range. Waiting for people in the social media start calling 4000-5000 price, thats the time to buy lol . Until the next update, safe trading.

Comment:

looks like BTC is going to buncing from the support level at 8300, I am going to add some of my cash in this position, my indicators give the long signal today. If you look at LTC which is the leading indicator of BTC, looks even more bullish.