Just as you start to think Bitcoin has reached the bottom and is forming a base, it takes a few steps sideways before another tumble down the stairs.
As we approach the weekend, there is a strong possibility it could be in for another sell off that will take Bitcoin below $7,000. But there is good news, you will be able to accumulate more Bitcoin for a cheaper price!
Let's take a look at the last Bitcoin chart I posted:
As we can see, I mentioned the next projected target for Bitcoin will be near $7,000 and then followed by $5,350.
Price is now at $7,500 at the time of writing and slowly climbing. Before you get excited by this rally, lets take a closer look. Take note the candlestick formations. This correction does not look convincing at all by the number of candles required to rise from $7,450 to $7,650. Now take a look at the long red candles either side.
We can see there is another recent slow grind has occurred. There cannot be significant demand at this price point and therefore on a probability based assessment further downside is to be expected.
To draw in the last of the FOMO'ers, we could see a bullish "pop" higher before it starts its decline. This would also form the 3rd lower high in the pennant formation and would be a great area to place a stop loss in a short trade to our projected target of $7,000.