Bitcoin $7,000

Hi Traders,

Although i don't actively trade BTC.USD i have continued to receive a large number of messages asking for my insight on the next move.
I have been calling for 7k - 8k for some time and i continue to hold my bias as price has broken below strong structure support levels.

I do see this long term price targeting the 50k level however for those looking for unicorn positions, i feel this move will be slow and steady over the coming years.

I will continue to update this setup and give my personal view to the market ( TradingView )

Trading Pair: BTC.USD
Time Frame: Daily
Predicted Direction: Short

Live BTC.USD updates will be available in the comments section below.

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Price retesting descending trendline support, i do expect a bounce in the coming days, a pullback and a further push towards 7k - 8k

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Sub 10k has now been achieved, i believe this will be a strong catalyst for many speculative traders to exit their positions.
Sell the hype, buy the fear effect.

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Price rejecting descending trendline support, a pullback is now expected prior to the next short opportunity.

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4hr pullback is underway, i will be scouting a short opportunity in the coming days.

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Price has now pulled back to the 38.20% i will be looking for divergence, deceleration and reversals

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Looking for price to break $11,163 previous minor support, should this occur i feel a snowball effect could proceed.

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Key Daily & 4hr Historic Structure Levels

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Looking for a breakout of descending trendline support which for me is the last key support level before a sharp sell off.

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1hr TF chart setup.

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Textbook break and retest of $12,700 & 38.20% fibonacci retracement

UnknownUnicorn180388

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UnknownUnicorn180388