Bitcoin to drop to 40k / 38K before continuation of rally
Double top on 6H RSI and lower highs on bitcoin point towards likely drop to 38-40K buy zone. Weekly green candle close of BTCUSDT is less than half of previous red candle's body, another sign of weakness.
Weak third consecutive SP500 weekly close is hinting that the 1.9T stimulus package is already factored in the price and a tumble on today's stock market open will serve as the catalyst for bitcoin's dump to 40k.
With serious buyers interest at 40k support we will likely continue from there to 55k+ and that bounce at 40k will be the best buying opportunity for alts too. I will post a long idea if the dump materialises.
Target 1: 40k
Target 2: 38,5k
Weak third consecutive SP500 weekly close is hinting that the 1.9T stimulus package is already factored in the price and a tumble on today's stock market open will serve as the catalyst for bitcoin's dump to 40k.
With serious buyers interest at 40k support we will likely continue from there to 55k+ and that bounce at 40k will be the best buying opportunity for alts too. I will post a long idea if the dump materialises.
Target 1: 40k
Target 2: 38,5k
Trade closed: stop reached