BTC predictions
#Bitcoinis about to be DUMP.🚨
So, before starting this article, I want to mention the fact that this dump has nothing to do with Mt. Gox, this dump is inevitable because we are buying so much every day.
1D:#BTCis currently experiencing moderate rejection, also in line with the 0.618 fib level. Typically, after a downtrend, we sometimes get a dead cat phenomenon where the price retraces to the 0.618 fib level before dumping again. To neutralize this, we need to turn the 72k level into support.
Also, as you can see, $BTC has never retested the 20 EMA after we broke it, since losing it in early June. Retesting will happen sooner or later.
The dump levels are marked in the 4H chart.
4H: Bitcoin has completed 5 upward waves on the 4-hour timeframe and is on its way to an ABC correction, I believe the bottom of wave C will be somewhere between the 0.618 & 0.5 Golden Fib zone. This is also consistent with the daily 20 EMA retest.
I've drawn in yellow what I expect the ABC correction to look like.
If you want to know what the most bearish scenario could be, I've also attached a 4H chart that shows that, if we lose the July 8 low, we're at the next technical target. 1.272 Fib level at $51,450, & if we have a deeper retracement, then 1.618 Fib level at $48,054
Thank you for reading, stay safe.🤝🏻$BTC
