This evening price finally broke through the low of 51,300
after being in a squeeze to the downside. That squeeze can
be better seen on an hourly chart. Click link for pic of that.
www.screencast.com/t/tAKHGJeZ98
The past few days including today were bearish bars but
"normal" volume bars. The buyers are not stepping back in
yet. They have tried to hold the line for the past few days
but it looks like the sellers are going to push prices lower.
It is possible that we could have a failed breakout of the
51,300 level but it would have to happen fairly quickly
within the next 24-48 hours in my opinion.
The next support level to be hit is around 45,000 from
Feb 28th.
We'll see what tomorow's bar brings!
Note: I am not long Bitcoin.
after being in a squeeze to the downside. That squeeze can
be better seen on an hourly chart. Click link for pic of that.
www.screencast.com/t/tAKHGJeZ98
The past few days including today were bearish bars but
"normal" volume bars. The buyers are not stepping back in
yet. They have tried to hold the line for the past few days
but it looks like the sellers are going to push prices lower.
It is possible that we could have a failed breakout of the
51,300 level but it would have to happen fairly quickly
within the next 24-48 hours in my opinion.
The next support level to be hit is around 45,000 from
Feb 28th.
We'll see what tomorow's bar brings!
Note: I am not long Bitcoin.