$BTC update: the next target: $6.2k, the ultimate target: $4.5k

There is still no additional volume and no market interest to Bitcoin. As a result, the price is still weak and loosing steam.

Though the short positions are increasing and hit all time high, I am not sure there will be a huge buy in the next days.

Technically, BTCUSD is in the 3rd wave and this wave can end around $6.2k. The 4th wave can extend to $7.2k.

But, my ultimate target is still $4.5k.

Best,

G

Kommentera:

- I expect a downtrend this week to $5.6k-$6.0k (strong support zone).
- Next week can be a correction up to $6.5k.
- Last week of April, the correction may end around $4.5k-$5.0k.

Kommentera:

Short run estimate: I expect, BTC will hit $5.8-$6.0k range in this (3rd) wave.
But it is quite early to tell. Additional data will provide clearer image.

Kommentera:

The above chart is wrong, check this one:

Kommentera:

Record high short position and high level of long positions :) Though longs are stable in the mid-run but shorts are increasing. Market sentiment is still bearish.