So where to now?
It is my opinion that we are to see further downside. The momentum has clearly shifted and the last of the bulls are hanging on, only to be crushed each time. The last stand for Bitcoin is now. Unless there is a super candle with a spike in , we can expect Bitcoin to reach lows near the $5,000.
We can see on the chart now that Bitcoin is forming an . Do not be fooled. This pattern should not to be taken as a new bull trend. It appears to be a correction only - until proven otherwise!
Should this channel break, this is the time to add to short positions. A projected interim profit area is shown near $6,745.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.