-$18k - $16k is most important zone to watch out for next few weeks.
-If Bitcoin manages to hold this 18k-16k then expect midterm uptrend to $30k-$35k before heading down to final capitulation target $9k.
-If bitcoin fails to hold above $16k on 3 days chart then be ready for the final capitulation to $9k before any healthy recovery.
Bitcoin is consolidating just above the inverse head and shoulder pattern. Here I will not recommend to open a new trade, because this is area of no confirmation.
First week of July is bearish so expect 5-10% pump before the dump to $18k.
Can we make this happen? Watch STURJUSDT do a free fall immediately we start trading inside the triangle. It's a tricky double top though not fully taken shape but likely the nearest scenario. Let me know what you think about the entire market. full bearish or you think we'll get a pump soon?
Larger investors on Bitfinex have accumulated a huge short. Short positions increased by 296%.
Major Events Next Week:
- Fed´s decision on interest rates
- El Salvador to issue 1 billion dollar Bitcoin bond.
BTC is currently overbought and needs a pullback to retest $41K-$42k for much stronger upward move ahead. You could also view through the CME gap around the $42k which we expect to fill before the weekly closing(Friday).
At this point I will be opening a short position around the 44k-45k targeting the CME gap around 42K.