BEARISH BITCOIN SUMMER. BOTTOM IN $8000-8725 RANGE?
Bitcoin has been showing continued signs of weakness. While I have been neutral for the last week, it broke a key trendline at the bottom of an upwards parallel channel (see my last chart to see that). This made me confirm my suspicions that I should have a short bias. I am anticipating a bottom in the $8000 to $8725 range depending on how fast we fall.
We are very likely to re-test $9600 soon (next week?). Expect a bounce off that level but it likely won't last. If we fall fast over the next week and a half we could go down to $8050.
If we don't get down to those levels until late July or early August then $8725 will likely be the bottom.
Will be looking for an intersection of the daily uptrend line from April 1st to intersect with a strong weekly support ($8050/$8725).
We will likely have a decision whether we are going back to all-time highs or if we're going lower at the very end of August or beginning of September as it comes to the end of its triangle.
We are very likely to re-test $9600 soon (next week?). Expect a bounce off that level but it likely won't last. If we fall fast over the next week and a half we could go down to $8050.
If we don't get down to those levels until late July or early August then $8725 will likely be the bottom.
Will be looking for an intersection of the daily uptrend line from April 1st to intersect with a strong weekly support ($8050/$8725).
We will likely have a decision whether we are going back to all-time highs or if we're going lower at the very end of August or beginning of September as it comes to the end of its triangle.
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