Current status is worst for bitcoin , since a is formation, if the trend is confirm by price drop below the neck line ~ 9700, huge sell off will trigger, And I think the possibility for this to happen is very high in one or two weeks. Keep our short position tightly!
If you'd like to see my previous post for short bitcoin from ~ 12000, pls click following link:
Next step is explore where is the end of the correction, pls see my previous post:
The important target is fib 0.618 and the weekly 20 MA, so I thought the final correction target will be around 7000-8000. and As you can see, in ~ 8000 there is good support, let's see if it can be hold.
Volume analysis is a good tool for the answer exploration:
First support : ~8700 ~ 9000
Second support : ~ 7900 ~ 8200
And another indicator we should watching closely is daily RSI:
Current value ~ 39, My plan is buy some long term holding when daily RSI @ 30.