BTC 4H - WEDGE Update: SHORT!!
Following up on my last couple of shared ideas, as I indicated the two wedges inside this present downward trend for BTC (please check my profile and read up on the last 3-4 ideas I have shared regarding the wedge we just got out of so you can catch up to date).
As mentioned in my previous idea to SHORT, we see now that SHORT out of the wedge was the right call and we are now under the wedge, leading us to further remain within the downtrend of BTC as illustrated in this 4H chart. Because of the descending pattern, 35K is now presently considered to be the top of the range and 28K - 26K now to be the bottoms of the range. As I mentioned previously we are in a slow downtrend, slow bleeding of BTC. So the highs for BTC will continue to be lower and lower as days/ weeks goes by. My guestimation is that BTC will see 20K - 15K by end of August. But from now until then many mini bull rushes will occur, but as long as these bull rushes are within the downward range we have been in since May19, the overall path for BTC will still remain bearish and downward. If there should be a bullish movement, watch for Dead Cat bounce up to around 37.5K then it should come right back down again.
Why won't BTC price go back above 40K and into 50-60K soon? There are no real reasons or positive news or new crypto dev that would lead to such an increase that's why, so don't give into fake news and FOMO!! Use your TA, common sense, logic, and reasoning powers.
Good Luck!
Not Financial Advice.
As mentioned in my previous idea to SHORT, we see now that SHORT out of the wedge was the right call and we are now under the wedge, leading us to further remain within the downtrend of BTC as illustrated in this 4H chart. Because of the descending pattern, 35K is now presently considered to be the top of the range and 28K - 26K now to be the bottoms of the range. As I mentioned previously we are in a slow downtrend, slow bleeding of BTC. So the highs for BTC will continue to be lower and lower as days/ weeks goes by. My guestimation is that BTC will see 20K - 15K by end of August. But from now until then many mini bull rushes will occur, but as long as these bull rushes are within the downward range we have been in since May19, the overall path for BTC will still remain bearish and downward. If there should be a bullish movement, watch for Dead Cat bounce up to around 37.5K then it should come right back down again.
Why won't BTC price go back above 40K and into 50-60K soon? There are no real reasons or positive news or new crypto dev that would lead to such an increase that's why, so don't give into fake news and FOMO!! Use your TA, common sense, logic, and reasoning powers.
Good Luck!
Not Financial Advice.
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