BTC Short Target

Jul 4

Looks like I somehow posted my last BTC idea twice, my bad. Anyway, BTC finally broke below support around 60k and then the major area around 59.3k. It is still holding on to the previous low it made earlier in the year for now, but if it breaks lower my first target would be demand around 50k - 52k. There's also another major demand area ending around 48K, so it seems like a lot of buyers to get through if it's gonna sell off any further than that. However, BTC can be a slippery slope.

Jul 5

Note

As expected, the sell off has escalated quickly after finally breaking below 59k. It could hit demand sooner rather than later and I'd expect at least some sort of bounce there. It may end up being a longer term bottom, or it might come back down soon after, but it should bounce there either way. If not, that's pretty scary for bulls if you ask me.