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Bitcoin Is at a Crossroads: A Technical Scenario
At the end of April, see here, we found for Bitcoin (BTC) “For now, and in either case, we are looking for marginal lower prices for the short term, then a bounce back to resistance followed by -at least- another leg lower.” Fast forward and BTC did exactly that. It produced a marginally lower low, then a counter-trend rally into resistance and another drop, aka “leg lower”. Figure 1 below shows -based on this pattern- the most Bearish option: a 3rd of a 3rd wave down possibility. We have no certainty yet that this option is operable, but we know that if BTC stays below the May 6 high of $28944, labeled as ... (full story)