Everything played out exactly as I anticipated. The Bitcoin and Market Update from April 24th hit the bullseye. If you just look at the last bitcoin run it ended at around 10K and made a 50% Fibonacci retracement.
When observed on a bigger scale bitcoin is still in consolidation and in midrange. Currently the price is being pulled down towards the support line at around $7,000. If the trend will continue it should reach it within the next two weeks. If it comes to that we’ll have a great risk to reward entry point (marked with purple rectangle). Bitcoin could turn around sooner with the help of good news presented at the Consensus or from government institutions for example. I highly doubt it but we could see a breakout from the bullish flag. I expect that the downtrend will continue. The price will first test the $7,800 and eventually retest the mayor support which lies at around $7,000.
Pay attention to RSI. On last two major dips the RSI line touched or crossed value 30, indicating that Bitcoin was oversold. Whatever happens there’s a lot of profit to made with day trades.