Bitcoin's Squeeze in price is building momentum upwards
I hope you are well this Sunday.
If you have been following my Bitcoin thread this weekend, you will know that price has further to fall, if the Bitcoin market is to tank downwards. What I am saying is that we are in a squeeze moving price down and up which contracts price and causes the squeeze effect, which quite frankly is needed in circumstances where volumes are again low this weekend.
But this squeeze is building momentum in the Bitcoin tank.
Bitcoin price has recently tested the level just under 69000 which is a big support level. Unfortunately some Stop Losses would've been triggered and price has taken the liquidity and moved higher. I never like to promote a stop loss level to someone, but I think it's reckless if I do not in circumstances where price tanks.
Please take a look at a recently Daily Chart of Bitcoin. I present Fib Levels & Fib EMA's 8,13,21,55. Both are supportive of price to move higher from current levels. 69,000 and thereabouts is the support zone and I think this level will hold.