BTC - The mother of all corrections to continue .1

Dear all, this is my bearish idea for BTC. Despite the fact that bulls were able to demonstrate some strength by pushing the price towards 6.8K from 5.7K levels - I believe this was a relatively weak bounce and the trend will generally remain bearish until a positive catalyst comes up.

According to monthly MACD , 8, 13, 21, 55 EMAs on the weekly chart, bearish divergence and shooting star pattern that can be clearly observed on the daily chart - BTC should start retracing shortly.

I expect the BTC to retrace to 4.7K levels and the bull run to commence this fall, probably October- November 2018.

Trade fermée manuellement:

Bulls been able to push the price higher than expected in the given time-frame. After a longer study on multiple time frames I have come to conclusion that 8K levels will be tested after all. Current idea has been invalidated. Stand by for further notice.

Commentaire:

Second and the final version is coming.