BTC Analysis - Next Few Weeks
Updated
Long term (multiple year) uptrend line in play. Extensive weakness after rejection of 10k and broke below important 9k support with no meaningful retest of 9k yet. Short term downtrends remain in effect on intraday charts. Given how trend lines like to converge/intersect around important reversal areas I believe within the next week or two we will see a move lower with 7600-7900 being the bottom and will continue moving higher from there over the following weeks.
Trade active
8500 looks to be holding today based on the price action. Taking chance on a Long trade here (8550) with target of 9100 before next leg lower.Trade closed: target reached
Closing long, target reached. Think we may touch 9200 and perhaps bounce around here for a day or two before moving lower.
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