BTC Bearish Scenario
If the head and shoulders doesn't play out and take us on a rally to resistance at 6800 with a strong break through it which isn't looking likely at the moment, this is the bearish scenario for Bitcoin. I could see a bounce around support at 4900-5000 area possibly getting us back to test 6000 which will be support turned into resistance at that time. If we fail to break 6000 on the bounce from 5000, my target for a long term long position will be in this green area. Keep in mind we could fall through the 5000 area without a bounce, however RSI will most likely be oversold on the daily if we fall to 5000 fast so I do expect a bounce.
I do think if we hit these low prices it will be the end of the bear market and this is the time to go long on bitcoin will small leverage, I will personally be using 5x-10x leverage on a long in this area. It will also be a good time to buy the dip on the alt coins and this will most likely be the lowest prices you will ever see in crypto moving forward. The time frame could vary and it could take us longer than late July or early August to hit the bottom price targets, with my most bearish length time frame being late September.
I do think if we hit these low prices it will be the end of the bear market and this is the time to go long on bitcoin will small leverage, I will personally be using 5x-10x leverage on a long in this area. It will also be a good time to buy the dip on the alt coins and this will most likely be the lowest prices you will ever see in crypto moving forward. The time frame could vary and it could take us longer than late July or early August to hit the bottom price targets, with my most bearish length time frame being late September.
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