monkia

BTC - continued path to $7k-$8k

BITFINEX:BTCUSD   Bitcoin / Dollar
288 0 2
BTC             will struggle to get to $7-$8k from here without either a 1-2 day sideways consolidation or a more brief rally. I expect this because:
(a) 4hr RSI is oversold
(b) There is divergance on the 4hr RSI

Depending on how long the consolidation occurs for, we will either then have one flash sell off or a double sell off with another consolidation in between.

Either way, I expect that we will find the final level of support at around 8000 but I am expecting a very brief flash through this level to 7500 or even 7000 like on 22 Dec. You can capture this by putting in limited orders.

I'm then expecting to see a quick bounce back to to the 10,500 levels. This will then be a crucial point. If we see a reversal back down from here we could well be heading into a new 5 wave contraction, this would be a prolonged 1-2 month period where we could head back to $2-3k. I'll be watching carefully at this point and would look to sell all, including most of my core if this looks like happening.
I am looking at potential scenario(s) that *might* unfold that might allow me to consider a trade against my plan. These are my personal opinions and not advice. Please do your own research and plan trades that work for your plan.
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