Bitcoin - How low will it go?
Updated
Looking at BTC on the daily chart, we see price is moving downward within this channel. Buyers are currently unable to make a sustained break through of the ~$62,000 resistance level.
If price continues its downward movement, I will be looking for opportunities within the marked potential buy zone.
If price breaks above the channel, I will wait for confirmation to go long for a short-term move upwards until further data is available.
What are your thoughts on Bitcoin?
BTCUSD
If price continues its downward movement, I will be looking for opportunities within the marked potential buy zone.
If price breaks above the channel, I will wait for confirmation to go long for a short-term move upwards until further data is available.
What are your thoughts on Bitcoin?
BTCUSD Comment
Bitcoin attempted to break out of the channel but sellers brought it back inComment
Looks like btc had a false breakout of the channel and re-entered it violently. Current price is right above the PBZ. Waiting to see if it will enter it or stay right above it.Comment
BTC has hit the bottom of the PBZ zone which is also at the bottom of the channel.Trade active
Due to the extreme high-risk of this play, I will keep my stop-loss tight in case further downside is ahead. In that case I will reevaluate the situation.Comment
Potential targets
Trade closed: target reached
Decided to secure profits as price is at the top of the channel now.Comment
Looks like bitcoin created a double top on the daily chart and is moving its way down. If price continues downward I expect a retest of the major support level (yellow line) which also happens to be the 50% fib retracement.
If it breaks below that, I would expect price to retest the 38.20% fib level which is around ~60,500.
Good luck.
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