Here's Why There's More Potential Downside in Bitcoin!
Good Day Traders,
Bitcoin is has been on a ravaging move upward lately. Finally we see the steam has been blown off. Some analyst are calling for a 10k hold, some calling for a drop back down to yearly lows. Through my not so extensive and quite simple analyst if you do in fact ask me why we will see a 8K to 9K Bitcoin. As you see here, on the weekly chart the 12 EMA has held as support during the bull market.
On our way up we have ventured off quite far from it as late buyers pushed it higher. Being said, we may have further downside to come here within the next week or so. I believe if we do in fact come down for a test and hold support and begin to rise higher, the bull market can be confirmed. Otherwise we were just in a reactionary rally back to the weekly .618 golden retrace where we may see lower lows. Hope this can give some insight on these potential moves.
Have a great week,
- Meta
Bitcoin is has been on a ravaging move upward lately. Finally we see the steam has been blown off. Some analyst are calling for a 10k hold, some calling for a drop back down to yearly lows. Through my not so extensive and quite simple analyst if you do in fact ask me why we will see a 8K to 9K Bitcoin. As you see here, on the weekly chart the 12 EMA has held as support during the bull market.
On our way up we have ventured off quite far from it as late buyers pushed it higher. Being said, we may have further downside to come here within the next week or so. I believe if we do in fact come down for a test and hold support and begin to rise higher, the bull market can be confirmed. Otherwise we were just in a reactionary rally back to the weekly .618 golden retrace where we may see lower lows. Hope this can give some insight on these potential moves.
Have a great week,
- Meta
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