Yesterday we tested accumulation at ±6750$. Thus Bitcoin rolled back to 0.32 Fibonacci from the last downward movement and now can easily go down.
BUT, we need to remember that we are falling already 40 days. (From 5th May when BTC cost10k$ to the current moment 14th June when BTC cost 6.1k$). For the whole downtrend, we didn't catch any correction.
At this point I can see two short-term scenarios:
We will go to 6890$ firstly, then we will fall to <6000$.
WHY? - there is still space for falling, and as we all know - whales are trying to make prices as low as possible so they won't miss the chance. Also, there are still a lot of open short positions which they need to liquidate. Yesterday we can see some "positive" news in channels and twitter, I'm 100% confident that they are artificial. Their goal is to make you believe that this downtrend is over, but it isn't. Also after reaching 6890$ we may see the strong green candle and fly up to 7080$ and rapidly fall from this mark. I told exactly 7080$, because at this point the huge part of people who wanted to open LONG - will do it and after this "whales" will organize rapid dump.
We will fall to 6000$ and more without any correction.
WHY? To be honest, this scenario seems much less likely. But it still has its rights to exist. In past 2 days long positions on Bitfinex grew from 29800 to 31800, while short positions decreased from 29500 to 27000. We can never predict what they will do exactly.
If you trade on Bitmex and want to open some position, I will advise you to take short at 6550$ and if we would go up - average the position at 6890$, and if we would go even higher - average again at 7080$. In this case, you will be in profit in any case. But the market is quite unstable right now, so I would advise you not to take leverage more than x10. If you are day-trader on altcoins, be ready to put a stop loss on your coins if we would reach ±7000$.
