fitzpa59
Short

Bitcoin Below $5000 by July's end?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Rejection at 10k level at Daily 200MA and Weekly SAR is pushing the market low.

Each time the Daily SAR reverses we are seeing a downtrend lasting just under three weeks. SAR Reversal is also confirmed by MACD Bearish cross, if we see a MACD bearish cross in the next day or so the likelihood of the pattern repeating is increased. At the end of the downtrend we see a dead cat bounce that is just under two weeks long, prior lows were never reach/tested during the bounces.

This cycle has occurred twice, it looks like it is going to happen again pushing sub 5k by month's end.

If we get below 5.5k it'll be important to watch prices carefully to time closing shorts and entering potential longs.

Comments

idea rejected a couple days in. Main issue were that the MACD signal lines were all below zero, meaning that a bearish crossover below the 0 value is less bearish than a crossover above the zero value
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It is very possible to see 5000 by that time. Bearish reversal intact. Still short on lower weekly levels. Here is our updated outlook:

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Possible but too obvious so maybe not!
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fitzpa59 Keep-it-Real
@Keep-it-Real, yeah. third time is the... opposite.. sometimes
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Thank you for posting this!
+1 Reply
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