There's two primary setups I see here, based on pure price action. We've put in numerous higher lowers and face more aggressive sellers every time we try to step higher and make a new high.
This leads me to believe we have seen the local top, and Bitcoin is headed to the low $8,000 range. Short now, or short later. Either way, it's a short.
The green target area is where the most liquidity is, and also where I would expect a significant reaction or a bounce. It's too early to tell if $8,100 would be the bottom, but I think roughly $7,800 is potentially on the cards. Anything under $8,000 will be a steal in the longer term, say 1-2 years.
Lastly, I do not believe we will retest the yearly open ~$7,150 but if we were to (highly unlikely in my view) that would be my call for the "generational bottom" in crypto. I think this next dip will be the FINAL dip before the next massive bull run where we finally break $20,000 and hit peak crypto mania in 2021.
Trade closed: target reached
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Wow, I called the exact top and bottom of this perfect! Patience pays off, guys. The current price is ~7,900 and I am expecting a bounce from here. I think we will see another test of 8.2-8.5k before continuing lower to possible test the yearly open at $7,163. Overall, great trade. Hope you got in!