I think there are 3 possible scenarios in bitcoin 0.24% right now.
1- Healthy bearish dump (yellow): If this is a healthy dump, we should expect to revisit $5.8k resistance as next move and after that continue to move downward. This scenario will result in months of consolidation below $6k.
2- Unhealthy bearish dump (red). If we continue to move downward...
USDTRY is trying to test its original trend line. It may finish the year between 5.0-5.3 TL. If it bounces from this trend line, 2019 will be a hard year for TL.
BTC failed to penetrate $6800 so far and created bearish divergence in low time frames. It may correct itself and revisit $6647 (also 0.382 fib) or $6585 (also 0.5 fib). If it goes lower, then it is not a correction but a dump.
ETH / BTC is testing upper line of downward channel. RSI is overbought. If it cannot break the downward channel, expect a ~50% decline, which is a high probability. If you want to fomo buy eth, wait for the break up the channel line and buy on retest.
BTC formed a 2 layered bear flag and currently resting on the lower layer. Next big move will be to sub $6k. Before that, it may test the upper layer, $6.6k.
Whenever bitcoin reaches the upper zone of the main trendline and creates a bearish divergence, it dumps. Is it going to overextend to $7.7k and then dump? Or $7.4k was the local top? That is the question.
