Whether you are bearish are bullish, we do have one fact to work with... by the very definition, BTC is no longer on an exponential rise on the daily chart (and if re-drawn to include the current price action, it is just a curve, but absolutely not exponential).
Most were caught out by the run passing $6,000 like a knife through butter, but with a textbook blow-out top at $9097 we should now anticipate a perfectly healthy pull-back before BTC decides its next move. Add to that the Head & Shoulders formation potentially developing, plus a very bearish weekly Stoch RSI and it becomes wise to look at where we might be heading. If the 0.382 Fibonacci level is respected and we visit $7000, that massively increases the likelihood the 0.618 level will be respected also - pulling us in to the $5000-6000 region.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
Most were caught out by the run passing $6,000 like a knife through butter, but with a textbook blow-out top at $9097 we should now anticipate a perfectly healthy pull-back before BTC decides its next move. Add to that the Head & Shoulders formation potentially developing, plus a very bearish weekly Stoch RSI and it becomes wise to look at where we might be heading. If the 0.382 Fibonacci level is respected and we visit $7000, that massively increases the likelihood the 0.618 level will be respected also - pulling us in to the $5000-6000 region.
- Consider this a great opportunity to continue building up your BTC holdings.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
