BTC taking healthy but scary dip fighting for support at $10,400
Bitcoin took a healthy but scary dip over the last two days and is now looking to find support at the former resistance level of $10,400.
If it does my scenario A is likely to play out. Bitcoin did not cross completely through the Keltner channel yet and did a similar bounce-of about halfway into the channel end of June.
However sell pressure may continue and my scenario B is also possible. This would lead to a another dramatic sell-off towards the top of the former long term downward channel.
The ceiling or former resistance of $8,700 would then HAVE to hold or a horde of bears would raise havoc on BTC prices.
More likely given the moment Bitcoin has is scenario A. So this may be a good buy-in opportunity at a rebate price.
If it does my scenario A is likely to play out. Bitcoin did not cross completely through the Keltner channel yet and did a similar bounce-of about halfway into the channel end of June.
However sell pressure may continue and my scenario B is also possible. This would lead to a another dramatic sell-off towards the top of the former long term downward channel.
The ceiling or former resistance of $8,700 would then HAVE to hold or a horde of bears would raise havoc on BTC prices.
More likely given the moment Bitcoin has is scenario A. So this may be a good buy-in opportunity at a rebate price.
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apologies for the Bitcoin Halving of 2016 showing up in 2017 during the bull run.
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Pressure sure is on. Important 24 hours ahead. A continuous break below $10,000 will bring up my scenario B as likely.