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Bitcoin likely to drop at least $100
Bulls stopped their run at pretty bad levels 450-460. This means triple top has formed. Yesterday bears awakened from their sleep and caused bulls to run away. However looking at long positions at bitfinex only 5% of longs were closed which means there is lot of potential for more drops to come. Also short positions are close to its lowest readings which confirms this possity.
Looking at market from Elliott Wave Theory there is two bear scenarios:
1. (red arrows and small letters a,b,c) move from 350 to 450 was wave b which means we are to experience wave c now. market is likely to drop towards 350
2. (blue arrows and capital letters A,B,C) wave B from 150 to 450 finished. We have just started wave C which is going to at least re-test previous low of 150.
Stop loss level for short positions around $450-455
Looking at market from Elliott Wave Theory there is two bear scenarios:
1. (red arrows and small letters a,b,c) move from 350 to 450 was wave b which means we are to experience wave c now. market is likely to drop towards 350
2. (blue arrows and capital letters A,B,C) wave B from 150 to 450 finished. We have just started wave C which is going to at least re-test previous low of 150.
Stop loss level for short positions around $450-455
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