Description
⋅ A tough time for bitcoin bulls lately.
The most likely scenario is for a bounce off $5800, which eventually fails.
At that point, BTC/USD is likely to test $5000. It's likely support at $5000 will hold, after which a longer lasting rally can commence.
The drop to 5k shouldn't take longer than a month, maybe just 1 - 3 weeks from now.
My methods indicate a more powerful rally may occur in late September.