Bitcoin Bearish Outlook for The weekend! ABC Correction - Update
I called out this ABC correction over on July 19. So far it is playing out quiet nicely. $BTC is now targeting a new Low in most key indicators.
Bitcoin is currently sitting below the 50EMA and headed to touch 100 EMA. If it doesn't hold, we are going to retest 200EMA at $7.5K
Daily chart!
T1: $9.06K Retest & continuation down.
T2: $8.4K 38% FIB retracement - End of C wave correction. If it doesn't Hold we are going to T3 & consequently T4 before we see a reversal.
T3: $7.94K - 20% correction from last 4h close under 50 EMA - Likely scenario!
T4: $7.5K 200 EMA - Expect a quick wick up - Bounce! (This is worst case scenario)
Bitcoin is currently sitting below the 50EMA and headed to touch 100 EMA. If it doesn't hold, we are going to retest 200EMA at $7.5K
Daily chart!
T1: $9.06K Retest & continuation down.
T2: $8.4K 38% FIB retracement - End of C wave correction. If it doesn't Hold we are going to T3 & consequently T4 before we see a reversal.
T3: $7.94K - 20% correction from last 4h close under 50 EMA - Likely scenario!
T4: $7.5K 200 EMA - Expect a quick wick up - Bounce! (This is worst case scenario)
