BTC Update - short term -time for correction

29 août 2018

We are now in short term selling zone (take a look into my last btc analyse) RSI (near overbought), Volume (getting lower) and Bollinger Bands (price at upper bands) are bearish, MACD still a bit bullish but this will turn into bearish soon to. The price touched in uptrend the 0,5 Fib Retracement and trying to get above. currently, a head and shoulder formation is forming, should Bitcoin not rise above $ 7150-7200, we will soon see a correction that would be very healthy to $ 6600 (0,5 Fib retracement zone). If we break the $ 6500, chances for a new all time low for 2018 are very high. I see no reason for a price jump above 7200 $ because long volume is getting lower and lower and more and more shorts step into the market at 7100-7200, a lot of people think that now is the time for the next run but in my opinion we have to wait another month until the vanEck ETF decision comes out.