Short

Bitcoin short. Will drop to 6.2-5.8k level at least.

Updated

First bear flag led to a perfectly estimated drop to 6.8k.

Now a new bear flag is forming. The recent volume is high but insignificant to be a signal for a reversal. Prepare for another drop at least to 6.2 - 5.8k.

Note

For aggressive entry, buy above 7316 if the next four-hour volume is also significant (almost equivalent to the current 4-hour-volume).

Note

On the bright side, RSI is near-oversold. The daily chart RSI is also quite close to a reversal.

Personally would not expect a substantial drop below 6k for that reason alone (with the increasing FOMO at 7.2k and also 6.6k), though, patience would be preferred for conservative buyers.

Note

Still need a lot more volume to confirm a reversal.

Note

And we are going down.

cedricpark

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