Predicting future of bitcoin price is once again pretty complicated - when I look at chart of BTC, it´s super bearish, we are probably in final phase of WXYXZ correction, we are still moving 3 waves up - 3 waves down, moving in channel, so just typical things in corrections, so dominant trend (DOWNTREND) should sooner or later continue. There is also bearish divergence on RSI.
HOWEVER, we are still in environment full of FEAR and I doubt, that the most retail traders are all in BTC, I would guess, that the most people are in fiat,tether and waiting for lower prices or some bullish confirmation. And that´s on the other hand very bullish for BTC price. Also volume is very high on the most exchanges and maybe the accumulation phase is over and we are going to the moon, although chart is telling me the opposite.
But overall, I think bearish scenario is much more probable and we should be heading below previous low at 3700. But first, we should finish that last leg to the upside, probably towards 7500, so probably too early to SHORT right now.
HOWEVER, we are still in environment full of FEAR and I doubt, that the most retail traders are all in BTC, I would guess, that the most people are in fiat,tether and waiting for lower prices or some bullish confirmation. And that´s on the other hand very bullish for BTC price. Also volume is very high on the most exchanges and maybe the accumulation phase is over and we are going to the moon, although chart is telling me the opposite.
But overall, I think bearish scenario is much more probable and we should be heading below previous low at 3700. But first, we should finish that last leg to the upside, probably towards 7500, so probably too early to SHORT right now.