Back to 6200$
Updated
BTC -0.75% is breaking the red triangle we see in the chart.
RSI is high on the 4h timeframe. Last time it was so high (early May), BTC -0.75% felt consequently.
First target price: 6200$
Another sign that makes me bearish is the trend of long positions on Bitfinex (see below). It is increasing more than reasonably while the price of BTC -0.75% will not make it sustainable to hold and I suspect people will close their position to limit their loses. I guess a squeeze is highly possible.
RSI is high on the 4h timeframe. Last time it was so high (early May), BTC -0.75% felt consequently.
First target price: 6200$
Another sign that makes me bearish is the trend of long positions on Bitfinex (see below). It is increasing more than reasonably while the price of BTC -0.75% will not make it sustainable to hold and I suspect people will close their position to limit their loses. I guess a squeeze is highly possible.
Note
Target achieved. A bit later than expected but achieved.IMO BTC will continue falling.
We see now a Head & Shoulders pattern with a target price at 5900$
Trade closed: target reached
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