Things are not looking too good now, yet they will get worse before they get better. How worse you ask? 8.5K I'd answer.... how better you ask, and I''ll answer to 16K and beyond...
Have charted this several weeks ago and looks like it is finally taking the shape that I am comfortable sharing. This flag is as textbook as the gets, has all the right components and is accompanied with decreasing . I suspect that correction will continue further to 8.5 levels, thus accomplishing 4 things:
1. Completing the
2. Kissing 21 Weekly
3. Filling the CME's gap ( if this is something that you fancy)
4. Fueling the wet dreams of "Fib circles of death and capitulation" guys by bringing price action to major FIB retracement level.
1. We will continue to bleed for another week
2. There might be intermittent bounces here and there, but nothing major.
3. Keep your leverages under control and stop-losses tight.
One more thing:
Today Forbes has published this article. Which is extremely well researched yet it lacks the depth and overall understanding of the crypto market. It pledges current correction to events that are unrelated to BTC fundamentals as well as price and arguments that BTC price action is soaring because of things not going as expected. However, I would agree with with the sentiment of this piece on one thing, BTC is currently de-coupling itself from #shitcoins and this process comes with an accompaniment of blood sweat and tears. I would even argue that After massive decoupling event that will most likely take place in August and September we will see more red days (both on BTC and Alt Side) and some of the Alts will acquire their true value and market capitalization of Zero.
This is not some #moonboy talk. I keep my opinion to myself and let charts and my #Cat speak to me and you instead. My cat is a real market wiz and this was the message that I have received from her. :D :D :D
Stay safe people and have a productive as well as a lucrative week!