Hi, guys! We are currently at the wave C going to wave D(~6780) and after that, most likely will try 6980.
BTC drawing a rising pennant, and target below the triangle(red lines) and highly likely will close under it, which is bearish and promising a downtrend continuation.
We never see a bottom, but FOMO is really strong because we have lots of people not familiar with TA who buying every top and wasting our time.
I wouldn't be surprised if FOMO will push the price higher than this bearish pennant despite the oversold condition, but the max price I can see is 7300-7500(pink, long time downtrend line).
However, even if it will happen, the price should see a brutal rejection between 7.3 and 7.5 and even if tested, selloff most likely will be dramatic.
Trade only at your own risk. This information is not a recommendation to buy or sell. It is to be used for educational purposes only
Trade chiuso: stop raggiunto