Expect Further Downside | Strategy Notes for the Week of July 1

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[After an unexpected two weeks off from sickness and travel, we are back to content creation for crypto!

To get re-oriented with the long term, here is a look at the daily chart:

Until $3100 is decisively broken, I still expect Bitcoin to eventually hit the zone between $47k to $82k. The “ideal” level to be hit before continuing up to those levels is $4800.

Zooming into the 6 hour chart, I still expect at least one more major drop in this correction to at least $5200 but possibly down to $4400. Note that the larger timeframe key level of $4800 fits nicely into that range.

To get even more specific as to when Bitcoin will drop, it is possible that it has started, but more likely that we will see one more high into the $6700 to $7000 zone before then. Below $6150 is confirmation that downside is to be expected

As for my positioning and strategy, I am currently in both my long term positions and leveraged long swing trades. As Bitcoin reaches my target zone of $6700 and $7000, I will be exiting my swing trades and hedging my long term positions.

If Bitcoin instead reverses immediately to below $6150, I will stop out of swing trades and wait for a retrace before hedging long term positions.

If Bitcoin continues through $7100 and holds a corrective retrace, I will re-enter a long swing trade. However, I would still expect $4800 to be taken out eventually before the end of this correction.]

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Happy trading!

Charlie You
Altcoin Mentors, Inc.
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