Bitcoin is pinched between 100 day moving average and the falling resistance. As the two trend lines continue to converge and price range becomes smaller and smaller, price will be forced to choose a direction. In this case, because of the falling wedge nature of the chart, I assume the correction will continue util the 5th and last final touch on the Falling Wedge or until 9,500 to 8,500.. whichever comes first. Once that is completed, we should retest 18,000. Strategies are: short at Current Price with stop loss above last high of 16480. Short at a break of 100-day moving average at around 11,800. Or 3, wait till the falling wedge resistance line is broken to take a position to go long.
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Im using todays dip to close my position. BitCoin is NOT going to reach 8,500 on this chart set up.