The 24 Sidereal month EMA is where the 2015 parabolic move corrected to. However, I personally would not feel comfortable in a short position past $6350 and will probably take profits at each support level on the way down. In my estimation, there will be a bounce between $7100 and $6900 but it will continue the downward path in the third week of the month. $6200 Is a place where I would take a neutral position.
The bottom will likely happen by the end of June. I can easily see the price getting down to $5600 and even wicking down to $5100.
How and why would it go so low? The answer is simply that stops and liquidation of longs who feel very comfortable buying with leverage at each of these support levels turn into market sellers when support is breached. We are likely going to see this below $7450 in the next few days.
In the mid $5000s everyone will be talking about how the whole rally was a market manipulation scam and that Bitcoin will go below $3000 because it is a scammy POS. That kind of talk is a peak fear indication and when everyone thinks it is just going to die that is when the correction ends.
After the rebound, I believe there will be huge resistance at $8800 and it will take until September to make new 2019 highs.
Bitcoin will probably end the year between $10'000 and $12'500.
The bottom will likely happen by the end of June. I can easily see the price getting down to $5600 and even wicking down to $5100.
How and why would it go so low? The answer is simply that stops and liquidation of longs who feel very comfortable buying with leverage at each of these support levels turn into market sellers when support is breached. We are likely going to see this below $7450 in the next few days.
In the mid $5000s everyone will be talking about how the whole rally was a market manipulation scam and that Bitcoin will go below $3000 because it is a scammy POS. That kind of talk is a peak fear indication and when everyone thinks it is just going to die that is when the correction ends.
After the rebound, I believe there will be huge resistance at $8800 and it will take until September to make new 2019 highs.
Bitcoin will probably end the year between $10'000 and $12'500.
