Btcusdforcast
BEAUTY of BITCOIN | LONG TERM ANALYSISNext Expected moves in Long term, Daily and weekly candles Pattern.
If this running wave will not break 9.8k downward then this is valid pattern, For Trade use 9.8k as stop Loss
With passage of time we will see what is actually and if need any update we will watch this.
Bitcoin might drop below 3800 soon.In my previous BTC analysis, I mentioned about selling at 7300. Price has dropped more than 5% since then and the set-up is still valid.
The rising wedge has formed after a big drop, which is a Bearish signal.
The Descending Trendline has also capped the rallies since February and last week, there was rejection at this Trendline once again.
So, in my opinion, a drop to 3800 and below is on the cards.
Recently, BTC has shown a correlation with the stocks and the recent recovery has lent some support to BTC. However, the stock markets are set for another decline eventually and when that happens, it may take BTC down towards 3800 again.
