This is not a financial advice and please trade based on your research and analysis.
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I personally believe that there is another dump that can come down to 0.382 level of Fibonacci retracement that is around upper 7000 region.
Reason 1. The yellow line that is a resistance line from 2017 December. We couldn't break this trend line, so we are going to have some rejection.
Reason 2. After the big dump that occurred around March, btc pumped. So, we need some pullback to have a good push to the upside in the future.
Reason 3. The indicator just had a death cross (if you can call it)
If you guys have any ideas regarding my idea, feel free to leave a comment.
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I personally believe that there is another dump that can come down to 0.382 level of Fibonacci retracement that is around upper 7000 region.
Reason 1. The yellow line that is a resistance line from 2017 December. We couldn't break this trend line, so we are going to have some rejection.
Reason 2. After the big dump that occurred around March, btc pumped. So, we need some pullback to have a good push to the upside in the future.
Reason 3. The indicator just had a death cross (if you can call it)
If you guys have any ideas regarding my idea, feel free to leave a comment.