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After a 2-week consolidation in the range of 6300-6500 buyers checked the price range of 7300-7500. Consolidation was in larger volumes than the previous one, which lasted from June 12 to July 16. Yesterday, when buyers tried to break through 7300-7500 - the market went a lot of volume sellers. The margin shorts chart confirms this.
Therefore, I think without correction there will be no extension of growth.
The previous growth was fast not because of the high interest of buyers in the BTC . The fact is that local high on margin shorts were in the price zone of 5800-6700.
Having broken through this price zone, buyers were panicked for the closure of sellers' positions.
This time the situation is the same.
I see two variants of correction.
The first, positive, is that buyers will keep the price zone 6700-6800 and from it will be an attempt to grow. Then you need to look carefully at what volumes buyers are trying to break through to 7300-7500.
The second scenario is the continuation of consolidation in the big triangle and an attempt to break through 5500-5800. with a target of $ 4,300-4,000. In this case, buyers should not hold 6700.
So I'll wait for the price to come to the price zone of 6700-6800, after which I will continue my forecast.
Therefore, I think without correction there will be no extension of growth.
The previous growth was fast not because of the high interest of buyers in the BTC . The fact is that local high on margin shorts were in the price zone of 5800-6700.
Having broken through this price zone, buyers were panicked for the closure of sellers' positions.
This time the situation is the same.
I see two variants of correction.
The first, positive, is that buyers will keep the price zone 6700-6800 and from it will be an attempt to grow. Then you need to look carefully at what volumes buyers are trying to break through to 7300-7500.
The second scenario is the continuation of consolidation in the big triangle and an attempt to break through 5500-5800. with a target of $ 4,300-4,000. In this case, buyers should not hold 6700.
So I'll wait for the price to come to the price zone of 6700-6800, after which I will continue my forecast.
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ATCG
Big picture. I do not claim final target however it came out of this view.
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AlphonsoElliottJr.
We are heading down there. Alot of holders will be hurt. Not a good time to buy, rather just get out and wait.
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