Looking at our trend timeframe we no signs of our downtrend slowing down, stochastic rsi also showing momentum radically heading towards the downside. Last month we saw price come as low as $5,750, only to retrace and close above our support. Almost midway through July and price is now looking to retest our June low. Expecting BTC to wick fill last month’s candle and continue selling off towards $3,000, but first making a pit stop at $5,000.
Shifting over to our pattern timeframe we see price respecting our bearish parallel channel, and now looking to forma lower low. Expecting price to break below our $6,000 zone, and form a lower low near the $5,000 support zone. Ideal entry is as close as possible to $3,000, will start to scale in once $5,000 is broke, a break through our channel towards the upside also activates our trade.
