Summertime correction

IMHO bulls are trying to keep hope up and see this as an corrective wave for the next impulse up. BTC has had a good rally for two weeks but failed to break higher. Summer isn't the time for BTC to start a rally and the market makers know this. That's why I'm short for this month and long after summer. This is healthier as BTC will have a larger correction and thus have a bigger impulse up.

On the short term I'll think we'll fall to the 200 EMA at the bottom of the demand zone and descending channel. RSI has failed to break through it's resitance. If it does break through this might spark the bulls and give a small impulse up to 11.7K but I don't think they'll be able to break this descending channel


Not financial advice
DYOR

Trade active:

Inner channel (bear flag) has been enlarged a little bit due to a little price action up which I think happend because 4H RSI broke. Weekly close under this year's highest weekly close which should favour bears more than bulls.
Channels seems to be holding so the fight isn't over yet.
The bear flag normally should indicate a drop down to the target of the broken wedge which is right on the bottom of the demand zone (blue rectangle)

Comment:

Stop loss if we close above Pivot

Trade active:

BTC couldn't get a close above pivot and there we are heading back down.
Targets remain the same, towards 10.8-10.9K demand zone and 200EMA

I suspect if we hold this area we might see one final wave towards 13K though

Trade active:

Demand is weakening as price closes the lowest since the beginning of the channel and is looking for more downside.

Trade closed: target reached:

Price reached almost exactly at the bottom of the demand zone

Probably going to test 12k next couple of days