Bitcoin price is down +10% on the day. Daily Technicals suggest that prices may drop a further 40% drop if bulls can not wrestle control away from the bears in the next few sessions.
While things – on the longer timeframe charts – still look good for the top-dog digital asset, Bitcoin, intraday price action appears more bearish. The coin has – since the beginning of today’s session – traded down 10% from a high of $36,035.
Currently trading at $37,600, up from a low of $32,144, $BTC has broken downward from a ranging move. Our previous call may still hold – long term – but if the current candle doesn’t close higher (having formed a which) the BTC market may be in for some bearish action, in the short term.
The next two weeks may see the coin shedding a further 40% of it’s value. A downward run to the $18k – $19k price levels may be in the cards, over the next two – or so – weeks, should the bulls fail to wrestle price action from the bears.
It certainly looks as though the streets may be bathed in blood if Bitcoin derivatives positions suddenly going Short is anything to go by. The daily timeframe’s Stochastic indicates that the market may not be in trouble enough for the bulls to step in yet.
All other indicators have flipped downward, a further widening of the Senkou spans suggests that Wyckoff’s distribution cycle model may soon be fully realised. Then we go guns!
