BTC in short-term: Small retrace before a big drop
Updated
BTCUSDTBTC meets key resistance at $7630, as mentioned in lastest analysis, from now a small retrace is expected. This retracement, is also called as a 'dead cat bounce', might push BTC to $8100 area to finished fourth wave, will following by a massive sell off that might end up at $6700 (Fibonacci 38.2% level) or $6000 (Fibonacci 50% level) in panic mode.
On overall this correction (wave (II)) is good and is expected, it is a good time for market to cool down after 2 enthusiastic week (wave (I)). This will be good time for those who missed the train to catches up some BTC preparing for the next bull run (wave (III)), which may have a leg up to $18000 in this summer.
Details analysis, supports and resistances are as commented and shown in chart.
Note
BTC reached $8100 area, the fourth wave finished.The fifth wave is on the way. Keep an eye on BTC, and this post too.
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