BTC - Will need to remain above 18K to regain upwards composure
Currently Id expect movement down to the 20 to 19k area followed by a move back upwards
Should BTC close below 18k then this indicates the downtrend movement is going to continue.
However as long as BTC remain above 18K I expect movement back upwards to form a Bull-trap at the 25 to 27k area to Clear out the longs.
After this Bull-trap Id expect the downtrend to resume and price will keep dropping until the August/Sept time-frame .
My guess for the bottom price is around the 12k to 9K area.
This current Bear-trap move was explained here .
And also here ...
I also notice that the larger structure looks to me like a "Bump and run" .
The target of the "Bump and run" should at the minimum be "the lead-in" which in this case is around the 10K area .
As I dont see this "lead-in" target hit as yet, in my opinion the bottom is not in .
Should BTC close below 18k then this indicates the downtrend movement is going to continue.
However as long as BTC remain above 18K I expect movement back upwards to form a Bull-trap at the 25 to 27k area to Clear out the longs.
After this Bull-trap Id expect the downtrend to resume and price will keep dropping until the August/Sept time-frame .
My guess for the bottom price is around the 12k to 9K area.
This current Bear-trap move was explained here .
And also here ...
I also notice that the larger structure looks to me like a "Bump and run" .
The target of the "Bump and run" should at the minimum be "the lead-in" which in this case is around the 10K area .
As I dont see this "lead-in" target hit as yet, in my opinion the bottom is not in .
