Bitcoin is going further down. It closed below the 8 EMA line and the lower prices are expected, at least for the short term.

Forecast remains the same

  1. I view that the coin is going to bounce in the small green rectangle, charting the wave (B).
  2. A closure above the daily 20 EMA, green line, with a confirmation would mean a resumed bullish rally to the new All Time High. Until this happens, the bearish scenarios are in play.
  3. There is a chance that wave (B) completed and BTC is in wave (C). However, the chances are rather slim at this point.

The chart below remains unchanged – the same graphics as charted three days ago – grinding down towards the letter B.

Tomorrow, the monthly candle will be printed and and want to emphasize that this event will be crucial.

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