BTCUSD on way to 11700 within next couple of months
Before looking at the current chart, let's look at the BTCUSD log chart on a monthly scale
As we can see, BTCUSD has broken it's long term support trendline since its inception (the yellow line) and then rejected it on retest which has confirmed the breakdown. Now, it's only a matter of time, within next couple of months, with 80% probability, we should see 11700 on BTCUSD. What's in store after that, we'll see later. A no brainer short IMO. Be careful and avoid leverage as there can be bounces along the way.
SL : If we confirm above the yellow trendline, the bitcoin bottom will be confirmed then and it validates this short thesis.
As we can see, BTCUSD has broken it's long term support trendline since its inception (the yellow line) and then rejected it on retest which has confirmed the breakdown. Now, it's only a matter of time, within next couple of months, with 80% probability, we should see 11700 on BTCUSD. What's in store after that, we'll see later. A no brainer short IMO. Be careful and avoid leverage as there can be bounces along the way.
SL : If we confirm above the yellow trendline, the bitcoin bottom will be confirmed then and it validates this short thesis.