Bitcoin's Bearish Scenario for a Summer Retrace
This Gann square was drawn off the Weekly Binance - BTC/USDT chart using a 250:1 price/bar ratio.
After riding the second and third are beautifully. Price has broken through arc 3 and completed a bearish retest of the Gann horizontal at $9730.
The 3Day momentum indicators have all rolled over:
- Bearish divergence on MACD
- RSI crosses below midline
- Willy breaking down out of overbought & confirms bearish market structure
- Bearish cross on stochastic in early June (high probability swing pivot signal)
According to W.D. Gann's theory of universal vibration, an asset can be expected to take back 50% of its previous rally in 50% of the time.
That puts price at $7081.07 on July 11th which is confluent with the Gann 2:1 angle and the end Mercury retrograde (July 12th).
After riding the second and third are beautifully. Price has broken through arc 3 and completed a bearish retest of the Gann horizontal at $9730.
The 3Day momentum indicators have all rolled over:
- Bearish divergence on MACD
- RSI crosses below midline
- Willy breaking down out of overbought & confirms bearish market structure
- Bearish cross on stochastic in early June (high probability swing pivot signal)
According to W.D. Gann's theory of universal vibration, an asset can be expected to take back 50% of its previous rally in 50% of the time.
That puts price at $7081.07 on July 11th which is confluent with the Gann 2:1 angle and the end Mercury retrograde (July 12th).
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