Bitcoin Analysis (BTCUSD) 06/09/18

Hello World,

Well, BTC got rekt hard loosing a 1000$ in less than 24 hours. I mentioned in previous posts that we are looking to go down and it happened. Let's see where were are at now.

Big Picture

Not much to say here on the Daily, the breakdown was brutal. Hope you did not have a crazy leveraged long position. We are now sitting in the FIB golden zone (between 61.8 and 65). Good volume too. Nothing here tells me that we bottomed out, just that the sell-off cooled down. RSI is below 50 but nowhere near oversold and MACD is crossing down. The only thing I see here is a possible pullback up to consolidate and probably break down more.

Closer Look

The 4H chart does not tell as much more except for the fact that we are very very oversold, so some kind of consolidation is coming.

Below is the shorts charts on Bitfinex, huge spike. Maybe just maybe someone is coming to destroy the over-leveraged shorts soon that could drive the price up.

Conclusion
BTCUSD is still in a bear trend and I am taking the sit and wait approach. You cannot deduce much from such a breakdown so while I keep monitoring BTCUSD I will be waiting for market signs of pattern continuation or reversal that I will share with you here.

Hope you enjoyed this analysis and if so, hit the follow here and on Twitter @CryptoMasque

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