PennyBagsCapital

Bitcoin to go down, then up

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COINBASE:BTCUSD   比特币
BTCUSD

The 1M chart is ugly and I think we will see a major flush prior to any sort of aggressive upside move.

Bitcoin has been far to Bull friendly recently and if I had to bet, I think we see downward move to $7100 to reset the bear divergence that has printed over time. This should cause enough panic to shake out whatever weak hands may be left. From there, we see then promise land of Satoshi.

Every bounce they tell you to buy before $7100 is programmed to create liquidity in the market. Don't be fooled.

- PennyBags

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