We're in oversold territory on the daily. Expecting a bounce somewhere in the 7's. My target of high 8's might be a bit optimistic, first signs of weakness and I will reload shorts on lower leverage. Everyone and their mother is bearish (again). Bitcoin rarely tanks when sentiment is like this. Medium term the only direction is down but I think a larger bulltrap is likely - we're just oversold and sentiment far far too bearish.
From there too many people have 6.1 as a target - so mine is 6.3 - 6.4. Could get a healthy bounce there but longer term I do NOT think 5.8k is a satisfactory bottom. Once we've made a lower low and had an accumulation period and an alt season we should see a more bullish Bitcoin
Don't pay too much attention to the diagonal trend lines. They aren't solid walls - just indicative of a trend. First big horizontals are 7.2 and 6.1 - but as I said I think the orderbook will be VERY full around these areas and bears could be rejected earlier
All speculation - will adapt as things change. But I've been posting bearish shit here for a while. A lot of it with wrong pathways. But what I DO know is that on a macro timeframe - bitcoin is going down
From there too many people have 6.1 as a target - so mine is 6.3 - 6.4. Could get a healthy bounce there but longer term I do NOT think 5.8k is a satisfactory bottom. Once we've made a lower low and had an accumulation period and an alt season we should see a more bullish Bitcoin
Don't pay too much attention to the diagonal trend lines. They aren't solid walls - just indicative of a trend. First big horizontals are 7.2 and 6.1 - but as I said I think the orderbook will be VERY full around these areas and bears could be rejected earlier
All speculation - will adapt as things change. But I've been posting bearish shit here for a while. A lot of it with wrong pathways. But what I DO know is that on a macro timeframe - bitcoin is going down