It is time, and BTCUSD is making a major retracement.
Having attempted to break out to 12,000, the bulls burnt out fast and a retracement is due.
Candlesticks are very bearish compared to the rest of the technicals and the next month or two should show the new intent.
Watch 8800 and 7000 as the target support levels, particularly the former.
Noted that BTCUSD had a similar pattern to Gold of late, and if this correlation holds, then a deeper retracement may be possible, perhaps lower than 7000. As Bitcoin is volatile and is a different animal altogether, it may also break the correlation at any time. Just be ready!
Having attempted to break out to 12,000, the bulls burnt out fast and a retracement is due.
Candlesticks are very bearish compared to the rest of the technicals and the next month or two should show the new intent.
Watch 8800 and 7000 as the target support levels, particularly the former.
Noted that BTCUSD had a similar pattern to Gold of late, and if this correlation holds, then a deeper retracement may be possible, perhaps lower than 7000. As Bitcoin is volatile and is a different animal altogether, it may also break the correlation at any time. Just be ready!
