I mentioned what I think about Bitcoin in the book when Bitcoin was still trading above $8000 at the end of May 2018. Here is an update of what happened so far and the outlook in the near future.
Those of you who have read the book would recognize this chart. It is Bitcoin weekly.
The zone for which Bitcoin has to move down to, as stated in the book, is somewhere near the 5300-5600 zone.
When Bitcoin tagged 5700 (green up arrow) and bounced by end of June, we have a weekly level FBO against the first quarter high.
This signal a run back up to the nearest resistance which is highlighted by the 2 up trendlines in red.
Until Bitcoin can trade above that and stay above $10,000, the risk of it moving lower again is still pretty high.
If you are interested in learning my way of chart reading, go get my book The Art of Chart Reading today!