Short

BTCUSD: Bear Cycle structure calls for 50-46k on next sell wave.

Bitcoin remains bearish on its 1W technical outlook (RSI = 40.978, MACD = -6773.100, ADX = 19.976) as despite the recent 1D MA50 bullish breakout, the long term bearish trend remains. The whole Bear Cycle has been nothing but a Channel Down whose structure can be divided in 4 different stages. Right now we are on the 2nd half of the Cycle, replicating Stage 3. With the price already over the 1D MA50 and approaching the 0.5 Fibonacci retracement, there is little time left before the Stage 4 selloff begins. Either $50,000 (1W MA350) or $46,000 (Fib extension 1.618) may get hit by late August - early September.

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