On the weekly timeframe we are having a little bit of a bounce. Almost got to 6600 just like we predicted 8 days ago.
The Bollinger Bands are starting to tighten up a little bit. Let’s see where that goes.
Last time (August 23rd, BTC was at 6400) we called it a dead cat bounce with its ultimate target of 7500 and we almost got there.
We are bouncing again from the 6k region. This has been a pretty good bounce, not as strong as the previous one yet, but this time around we are going to be limited by 7000 mark. There are still too many Shorts. BTC Longs/ BTC Shorts ratio is 0.7.
📌The more time 6k holds the price, the more likely it is to break. The fact that we fell from 7400 in such a violent manner is very bearish. We are still in a dead cat bounce.
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