Bitcoin (BTCUSD) is basically on its first strong pull-back since the July 14 All Time High (ATH), as it is the 3rd straight red day going from roughly $120300 to below $115000 as of this moment.
Technically this Channel Down pull-back looks like a Bull Flag to the uptrend that started following the June 22 Low. The 1D RSI pattern is similar to the May 22 – 30 fractal, which was also a correction that started after a Channel Up and initially hit the 1D MA50 (blue trend-line), only to rebound a settle for a last dip lower closer to the 1D MA200 (orange trend-line).
If the 1D MA50 fails to contain the current correction, we may again be faced with a slightly more prolonged pull-back, which may be translated into an Accumulation Phase that could eventually lead to prices above $130000 by September.
Do you think that will be the case or we will see an instant rebound? Feel free to let us know in the comments section below!
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