Quick update on the Bitcoin USD market.
The bears are clawing into BTC at this point with a classic bear trap over the weekend, now painting the classic reversal candles, once again.
Although I don’t see Bitcoin dropping like a stone to 6k, I think we might have a few good shorting opportunities ahead of us and a slow decent to 8k, 7k and maybe 6k. (should the bulls stay away)
Short term support in my opinion is between 8k – 9k.
Medium term support between 6k – 8k.
I should add if prices consolidate below 9k there will be a lot of speculators looking to exit the market which could give us the dip to 6k or even below.
A more realistic figure would prob be around $7500 to catch the knife, but this is crypto and anything can happen.
If you are looking towards the moon, pray the bulls buy some BTC and push prices past 13k, before there will be any hope for recovery.
Feel free to discuss this trade idea with us on Discord.