Bitcoin is preparing to drop lower towards 6370, which is fibonacci 0.618 support of the previous rally between 3850 and 10500 respectively. The rally from 3850 through 10500 was an impulse, Wave 1 on the chart. It should ideally be followed by a corrective drop a-b-c, Wave 2 on the chart. Thereafter we can expect a Wave 3 rally towards 10500 and 13800 levels to materialize. Bitcoin remains bullish against 3850 support over the long term but in the short term is is bearish against 10500 resistance. Overall Bitcoin is unfolding a larger degree Wave ((5)) and remains poised to push beyond 13800 levels, going forward.
Strategy:
Short against 10500, targeting 6300.
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That would be nice as ive been building a short position between 9k-9,300 but for this trade to be a absolute home run for me id like to see 7600-8k but knowing me ill be looking to take some profits off the table around 8550-8600 incase we bounce off the .5 FIB. Thanks For Your Analysis