DSchutz

BTC - The Pending Correction?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
See my chart update from yesterday, June 26th, 2019, for additional context.

This is exactly the type of correction we were looking for, as BTC was a bit overextended. The current daily formation is starting to setup for a pipe top or bearish engulfing (feel free to google those for more info), both of which are reversal formations. If we get a daily close on today’s bar with either of those bearish reversal formations, we might see a retest of 10000, or even 9000.
Aug 16
Comment: Checking back in to update this idea. As indicated in the original idea, a bearish engulfing did form on the daily bar close, and we did see a correction down to 10k within a few days.

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