BTC falls but where to next?
The double top scenario looks to be playing out although for the time being BTC has found some resistance in the 7500 to 7600 range. Honestly I don't think this will hold with the main resistance being around the 7200 mark. There was very clear weakness around the low 8000's level with the double top, failure to break out to the upside in the symmetrical triangle that followed and massive bearish divergence on RSI and Stoch. Currently all momentum indicators on various time frames are bearish so buying now would be like trying to catch a falling knife.
In my previous analysis I wrote that BTC always retractes around 30% following a spring/summer rally so in my opinion this could be the beginning and is actually very good news for future price growth. I think a rise in price at this stage to 10K would have been very unhealthy and would have attracted a ridiculous amount of bears.
Best to wait. IMHO next stop around 7200 but remember always DYOR!!!
In my previous analysis I wrote that BTC always retractes around 30% following a spring/summer rally so in my opinion this could be the beginning and is actually very good news for future price growth. I think a rise in price at this stage to 10K would have been very unhealthy and would have attracted a ridiculous amount of bears.
Best to wait. IMHO next stop around 7200 but remember always DYOR!!!
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