Last week we expected a sell off as we said we
would look for lower targets now towards the 20k level.’
Last weeks bullish view is coming under pressure as we trade just 700 pips away from the 30930 which must hold to remain plausible. A break of that level followed by the wave (iii) low at 29980 should see a sharp acceleration to the down side with support at 27000 , 24230 followed by at test of 20k.
Last time we were looking at the bearish triangle scenario and said
‘Here we can see a triangle set up like Bitcoin which calls for lower towards the 1400 level . We need to see an hourly close below 2183 to confirm this view.’
Once we broke the 2183 level we have seen some decent selling pressure and a break of the wave (3) low at 1730 I expect to see more stops executed and a test of the 1400 followed by the 1000 level.
