BTC bull trend is over according to Tom Demark Count
Tom Demark count gave a green 9 on both daily and weekly charts. This is a clear trend reversal signal. I expect 2-3 days sideways then the bear trend will start.
There is a huge support at 9997 (Fibonacci 0.5). I expect that area will hold. If it does not hold, next major support is at: 8000.
I do not think we will touch below 9997 because of the mass media factor. Bitcoin is getting popular in the whole world and lots of small investors are getting on board.
I personally do not short Bitcoin and I wait for good entry points for long. 10200 will be a real good entry point for long.
Here is my idea for shorters:
Short at: 11818
Take profit at: 10200
Stop loss: 12600
There is a huge support at 9997 (Fibonacci 0.5). I expect that area will hold. If it does not hold, next major support is at: 8000.
I do not think we will touch below 9997 because of the mass media factor. Bitcoin is getting popular in the whole world and lots of small investors are getting on board.
I personally do not short Bitcoin and I wait for good entry points for long. 10200 will be a real good entry point for long.
Here is my idea for shorters:
Short at: 11818
Take profit at: 10200
Stop loss: 12600