BTC/USD is Going to Drop More if 7750 Holds

2 min read
tarantula fx

tarantula fx

Head of Trading

The BTC/USD has formed a descending trend line and currently it is showing a strong downtrend. I have warned about bubble at 20000 and It turned out I was right.

The BTC/USD is rejecting the interim high at 7750 and if 4h close is bearish, we might see a continuation to the downside. Monthly camarilla pivots show the range (M L1 and M H1) while Weekly pivots are clearly bearish. Both T1 and T2 patterns should be valid while the price is trapped below W H3 camarilla pivot. Targets are 7423, 7354 and 7254. Only if 7750 breaks to the upside this scenario will become temporarily invalid.

Many green pips,
Nenad Kerkez aka Tarantula FX

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Hi, Nice analysis. I’m an investor myself, waiting for a perfect entry. Actually, I’m waiting for a bullish move. Once bullish trend appears clearly, I’m IN. And yes, it’s perfect analysis, BTCUSD will drop more if it holds the PP at 7750. Thanks for sharing 🙂