My first TP at 9500 has come on gone. Now, in this pattern developing on the daily chart, price seems poised to be rejected and fall through this trend line. I expect 8300-8800 in this run down. Declining volume, inside an ascending wedge.....a breakdown is almost certainly imminent and at this stage, the bears are clearly in control.
Many things over the last week have shifted my outlook over the direction of BTC in the short and medium term. Horribly low volume, no buying pressure, bearish closes on several key daily candles, weekly closed bearish and overbought for quite a long time on nearly every TF.
$9450 is my target in the medium term. $5000 is not out of the question before a reset...
Now is the time when institutional investors and professional traders are laddering buys in. This is where you want to buy. Retail investors will not start buying in until after we get 15-35% up from here. Pro's know it.
I started calling this pattern very early on CT, but did not expect it to take as long as it has. Looking at the cross of the New Year for return to 6K+ imo. Then off to the races. I have been shorting since 6200 and started opening longs on 12/7