Bitcoin: The case for a move down.
Updated
Bitcoin has grinded its way back to the 61.8% fib retracement of the fall from ATH to the recent lows of 5550. The 61.8% also happens to line up with previous support and the psychological level of 7000. Would not be surprised to see a move back down into 6000 and lower over the next few days.
If 7000 does not hold to the upside 7200-7400 would be last bastion before a continued press higher and new ATHs.
However I do not recommend shorting this beast as that's a good way to burn your account.
Let me know your plan / thoughts below on bitcoin from here.
Good trading all.
Luke
If 7000 does not hold to the upside 7200-7400 would be last bastion before a continued press higher and new ATHs.
However I do not recommend shorting this beast as that's a good way to burn your account.
Let me know your plan / thoughts below on bitcoin from here.
Good trading all.
Luke
Note
Bitcoin rolled right through 7000 without even flinching!
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