Bitcoin Retrace Completed ($6750, followed by $7000)
Updated
Bitcoin’ is looking to complete its retrace and preparing for the next move.
Based on the chart above, I am seeing two possible scenarios for the short term bullish side, let's take a look.
1) We remain above trendline and go challenge $6750 next, if we go with this scenario it should happen within the next 3 days.
2) Retrace a bit further to the $6350 - $6450 support range and bounce from there straight to $6750 and reaching $6900-$7000.
3) There is another scenario where we continue going sideways. Bitcoin’ has been trading within a range for a while now. This scenario is also very likely, but with little bouts up and sideways action. The price drops are only necessary to remove weak hands to continue accumulating for what is about to come.
Bitcoin’ needs to keep on going sideways and remain calm for the altcoins to continue their bull run.
What's your take?
Write in the comments section below.
Namaste.
Based on the chart above, I am seeing two possible scenarios for the short term bullish side, let's take a look.
1) We remain above trendline and go challenge $6750 next, if we go with this scenario it should happen within the next 3 days.
2) Retrace a bit further to the $6350 - $6450 support range and bounce from there straight to $6750 and reaching $6900-$7000.
3) There is another scenario where we continue going sideways. Bitcoin’ has been trading within a range for a while now. This scenario is also very likely, but with little bouts up and sideways action. The price drops are only necessary to remove weak hands to continue accumulating for what is about to come.
Bitcoin’ needs to keep on going sideways and remain calm for the altcoins to continue their bull run.
What's your take?
Write in the comments section below.
Namaste.
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