Hi, by the end of July Bitcoin
has broken long term bearish trend
crossing 10k towards 12k. Looking at the 3 day timeframe, bitcoin
is now retracing towards Fib 1 @9.000. I believe it is forming a new upside trend and 9k will be the second lower leg that will create a new triangle. The thick red line is aimed at the intersection of fib 1 @9.000 and the long term bearish trend line
, forming the new upward trend. I believe bitcoin
will bounce from 9k, because if it goes further down, it won't be able to create a long term bullish channel
. From 9k, the new target looks like 13.500 by the year end. After that it will retrace down to 7k for a healthy continuation.