BTC/USD is Going to Drop More if 7750 Holds
June 8, 2018
2 min read
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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
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 🙂