Watch out for 7k

11 พ.ค. 2019

Bitcoin keeps pumping and its fun. Looks like its heading for 7k where we either get a breakout or get a rejection. 200 MA on 3 day is a good spot to watch. If we break through that, then I think it makes its way to 10k before a roughly 40% correction. Other scenario is rejection at 7k and 40% correction to 4200 level. Reason I say 40% rejection is because even in the bull market of 2017, we averaged around a 40% correction. They were fast and quickly bought up, but they still happened. That, of course, assumes that the correction is bought up. The opposite could also occur and until we put in that higher low on the weekly, we just won't know. Good luck.