Bitcoin shorts are very high at the moment as you can see by the cyan coloured line which should signal that the price could rise rapidly in the near future, however both the RSI and the MACD indicators forecast a bearish scenario for the bitcoin/dollar price (BTCUSD) in the next few weeks.
My prediction is that we could test a lower price of around $5,500, before we see another bull run in about a month’s time.
Bitcoin will need to get enough bullish volume behind it to break through resistance at around $7,664 if it is to break out of the descending corrective channel that is in at the moment.
In the meantime it could be a good idea to keep buying the lows and taking profits on the highs. What do you think? Let me know in the reply section below.
THIS IS MY OPINION ONLY AND NOT FINANCIAL ADVICE.