BTCUSD bull trap, predicted resumption of downtrend at 16000

٢٢ ديسمبر ٢٠١٧

The current price reversal is in my opinion premature, and the massively overbought market is in need of a real correction. 16000 seems to be a likely point where the current minor upwards movement will stop, based on prior reversal zones, and also the downtrend line. Corresponding to this, there is at the moment a sell wall at gdax at 16000. So far, a further downward movement down to around 11000 seems to be the most likely scenario.