Post
Topic
Board Speculation
Re: Correction coming in the coming weeks?
by
exstasie
on 06/06/2019, 16:04:49 UTC
The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

By most classical metrics, the chart is still bearish. The last breakout failed into the previous range, trapping lots of underwater supply. The dump came on high volume and price never got up off the floor....not even a .382 retracement of the entire correction yet! Price is holding below the 20-day MA without showing signs of getting back above.

So from "the trend is your friend" standpoint, we should expect more downside. Low $7,000s to upper $6,000s seems plausible.

The best hope bulls have is a recovery like late April: sideways at the bottom for a few days absorbing supply, then break above the range. If sentiment is right, FOMO will reappear on a push towards $10K.