Bitcoin broke the horizontal support level (Unfortunately) so we need a contingency plan to protect capital. Now price is below this level there is a danger that price will retest the horizontal support zone as a new resistance. If this happens, we could get some considerable downside from here on. If price breaks up again, it will need to retest the transition zone as a support yet again to confirm that the bulls are in, and that the bears got trapped.
I personally believe scenario 1 is most likely out of the pair, just on a probability logic.
Let's see how things go from here!
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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I personally believe scenario 1 is most likely out of the pair, just on a probability logic.
Let's see how things go from here!
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Updated analysis posted :-)
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