The market is a complete mystery to me right now, actually not the market, but the idiots sitting in their ivory towers that think they know more about the economy than the collective wisdom of the masses.
Where it will stop no body knows, however this Bear Flag is bigger than most, so I suspect the next move down will be commensurate with that. The Volume Profile shows a huge volume well between 5700 and 4200, I suspect a wild ride if price enters that zone.
So, we continue down, stepping down to each successive Volume Node, slipping through Volume Wells. The ultimate low is much further down, 4200 is the target, however there's evidence that this market could go lower in a flash crash later in July.
I'm not saying my way is the only way, I'm just saying volume is the only logical way because it reveals what actually happened in the market, it's not a derivative or some theory, it is what actually occurred.
The dark blue path is my hypothesis or SWAG (Scientific Wild Ass Guess), the magenta path is the crowd think. Perhaps both get to the same point, the G20 FATF report on Regulation, which IMO will be a bust, and start a huge downslide in the entire cryptoverse...which hopefully will spell the demise of at least 2,500 crypto coins of useless merit and the beginning...
In afct, I think Bitcoin will settle there for a while and try to find a temporary home, auction back and forth, and then drop to 7100...I will be producing followups and YouTube videos explaing the bigger picture, which includes a July crach in Bitcoin and the cryptomarket
The bear flag has been compromised, developing another bear flag in a smaller timeframe below the pictured one, which further increases the chance for an accelerated drop in price. Subscribe to my YouTube for further analysis.