Timeframe confluence for a SHORT setup
Another rally on Bitcoin and crypto in general that looks to be closing to an end. I've used my recently published CryptoGDSS template that allows for easy to read signals, especially strong if lower and higher timeframes are in synch like in our current situation where 1h already flagged a valid SELL signal (overbought on oscillators and price action fully above upper BB) while hitting upper BB on 4h and oscillators also overbought. You can add to that TOTAL coming back to previous resistance of around 950B, BTC dominance finally going back up and an important on-chain metric showing new ATH on BTC's leverage ratio hitting 0.33!, I think this is a high probability scenario we will go down from here.
Note that a lot depends on today's NFP reading (if higher than expected that will speed up the move down) and CPI data on 13th of July. Market already priced in 75pts hike at July's FED meeting but seems to be looking for smaller hikes for the rest of the year. The recession is here, but they refuse to acknowledge and IMO stock market going into green territory more than already did can only trigger more hawkish narrative from FED than by now.
Most realistic target for this wave down is between 15-18k, but as you know my longer term price target for BTC was always under 16k and a likely touch on 10-12k. Next few weeks could be crucial to see where we go.
Note that a lot depends on today's NFP reading (if higher than expected that will speed up the move down) and CPI data on 13th of July. Market already priced in 75pts hike at July's FED meeting but seems to be looking for smaller hikes for the rest of the year. The recession is here, but they refuse to acknowledge and IMO stock market going into green territory more than already did can only trigger more hawkish narrative from FED than by now.
Most realistic target for this wave down is between 15-18k, but as you know my longer term price target for BTC was always under 16k and a likely touch on 10-12k. Next few weeks could be crucial to see where we go.
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