The BTC/USD has formed a descending trend line and currently it is showing a strong downtrend. I have warned about bubble at 20000 and It turned out I was right.
The BTC/USD is rejecting the interim high at 7750 and if 4h close is bearish, we might see a continuation to the downside. Monthly camarilla pivots show the range (M L1 and M H1) while Weekly pivots are clearly bearish. Both T1 and T2 patterns should be valid while the price is trapped below W H3 camarilla pivot. Targets are 7423, 7354 and 7254. Only if 7750 breaks to the upside this scenario will become temporarily invalid.
Many green pips,
Nenad Kerkez aka Tarantula FX
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