nashsii

nashsii

Bitcoin is trading between the marked blue and red zone which means no trade until it breaks the structure. The longer term bias is still to the upside.

nashsii

Bitcoin has a price target of $7000 as an absolute bottom. According to the weekly pitchforks the target should be reached by 22nd of aug 20. This is about a month away.

nashsii

Current fibonacci levels and weekly supply level suggests dow jones has more room to go up and then terminate at this weekly supply zone.

nashsii

Bitcoin is a bullish wait on short term basis. It needs to break at least one heavy resistance zone in order to be long. It's a bear vs bull fight on the 1 hour chart. I think the bears have the upper hand because of low volume and rising shorts.

nashsii Updated 

Whenever BTCUSD Shorts go up, bitcoin crashes severely. In this case bitcoin shorts has a lot of room to fall and this is a major indicator that prices will fall. The bounce that came off $3200 was a dead cat bounce because the major support zones are at $3000, $2000 and $1200.

nashsii

Momentum on bitcoin is shifting towards downside. With 161% target at around $3000 and $261% target at $2300. My conservative target is $3000 unless the momentum shifts any time soon.

nashsii

Momentum on bitcoin is shifting towards downside. With 161% target at around $3000 and $261% target at $2300. My conservative target is $3000 unless the momentum shifts any time soon.

nashsii

Bitcoin needs to correct significantly before it continues going up. The key support area is the fibonacci cluster at around $3700 to $3780. Current momentum is going diagonally and could terminate at $4480.