Bitcoins uptrend has been sturdy and held its ground even after numerous reversal signals but i think its just about done for now.
Exhausted up trend and selling volume starting to take over now after weeks of low volume indecision with slight buyers bias.
The volume is still in a steady decline and as the sellers take over i believe we will start heading back to major support levels.
My first target for the down trend is the 50 fib line which is a fairly heavy support on the daily around $3750
The break in trend coming will trigger a lot of stops and leverage traders confirmation to short so expect a harsh candle when/if we break.
Expecting alts to follow suit so looking to close alot of trades over the next few weeks and play the mex game again.
Exhausted up trend and selling volume starting to take over now after weeks of low volume indecision with slight buyers bias.
The volume is still in a steady decline and as the sellers take over i believe we will start heading back to major support levels.
My first target for the down trend is the 50 fib line which is a fairly heavy support on the daily around $3750
The break in trend coming will trigger a lot of stops and leverage traders confirmation to short so expect a harsh candle when/if we break.
Expecting alts to follow suit so looking to close alot of trades over the next few weeks and play the mex game again.