BTCUSD penetrated 7k. What is next?

BTCUSD penetrated 7k. What is next?

In the previous posts about #BTC I stated a target 7300 for the down-move (the minor low before “good-news” from China). Bears outperformed my objective as price penetrated 7k.

Why did I point 7.3 as target? Because too many SLs were placed there.
Why bears pushed price even lower? Because they want to trigger more SLs under the round number.

What is next? It was a bomb explosion (Panic Selling with SL triggering). Now the Echo will follow. I expect sideways churning around 7k in the nearest days because market lost a portion of interest in moving lower.

Note the argument for stalling of decline – the most recent Trap was made for Bears, not for Bulls

 

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