Its been a bloody few days for Bitcoin.

But seriously guys, Bitcoin has had a major price increased over the last year.

OF COURSE WE WILL CORRECT. IT IS HEALTHY.

What I see Now

It fell downward from the symmetrical consolidation triangle. This is mainly based on the fear of the upcoming soft/hard fork possibilities.

The Ichimoku cloud shows strong support above $1900 USD along with strong technical support from the late May dump. Although this is the first time the price has visited the cloud in some time.

It looks like the sell volume is decreasing. As long as the sell volume doesn't increase, we may see a strong bounce from that support area.

The RSI (bottom of chart) is under 30 for the first time in a while indicating and oversold condition.

TLDR

Bitcoin price has seen heavy selling. If we see continued decreased sell volume and the $1900 support holding, we could see a strong bounce. If $1900 fails then RIP and see you much lower.

Good luck trading. DYOR and asses you own risk.

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