InvestingScope

All downside targets hit, downside confirmation needed

BITFINEX:BTCUSD   Bitcoin
Our previous target set has been hit: 7,100 and 6,652 (previous 1W EMA50/ EMA100 cross). With yesterday's 1D candle battered down (STOCHRSI = 0.000, Williams = -91.780, CCI = -274.7620) following the breaking of the Rectangle's previous 5H support zone = 7,373.10 - 7,437.20, we now sit on a tight spot again awaiting a break-out confirmation. On 5H the sell indication was the two time rejection on June 3th's = 7,777.4 High and as previously mentioned, expect a very slow downward movement in the next 2 months. With 5H oversold on RSI = 18.481, we expect a relief sideways movement on today's session, starting from 1H (already STOCH = 52.812, Highs/Lows = 0), before further downside. Always keep in mind that 1W remains a Descending Triangle (MACD = -114.900, BBP = -2519.1500) and is the commanding long term bearish trend (soon to continue as a Channel Down when February's 6,000.0 bottom breaks). The volume has increased considerable (57.82K) indicating that this downtrend is sustainable. Assuming Feb - April lows = 6,000 - 6,432.4 is a support zone, if it holds then expect a rebound near the 61.80% Fib = 8,641.40 before another drop. My plan is to either short if 6,000 breaks (TP = 5,621.9 1W EMA100, 5,203.9 1M SMA20) or wait for 8,222 - 8,641.40.

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