Key Points:
- Daily chart shows a wedging towards 13900
- Next stops: 20K v 8k region v ranging between 13k and 16k for months
It's now 19 days since Bitcoin peaked which in crypto world feels like a year. Whether the reprice was low enough is a big question with some investors claiming that a lower reprice would be good for the crypto leader.
Should it make a decisive move down, .5 and .618 pits stops are about 10k and 8k respectively. A sudden move up would lead Bitcoin back into the territory of the 20,000 dollar mental barrier. I see this as a big challenge for Bitcoin and should it breach those levels we may see 23k-27k price ranges.
It's been some time since Bitcoin has just ranged. If you trace back to 2015 and 2016 price surges, Bitcoin would spend months moving sideways before making further significant price moves. It very well could spend months just ranging again however the crypto market now is clearly a different animal to what it was in 2015.
Currently trading around 15k levels with the 50 day moving average still looking strong.
- Daily chart shows a wedging towards 13900
- Next stops: 20K v 8k region v ranging between 13k and 16k for months
It's now 19 days since Bitcoin peaked which in crypto world feels like a year. Whether the reprice was low enough is a big question with some investors claiming that a lower reprice would be good for the crypto leader.
Should it make a decisive move down, .5 and .618 pits stops are about 10k and 8k respectively. A sudden move up would lead Bitcoin back into the territory of the 20,000 dollar mental barrier. I see this as a big challenge for Bitcoin and should it breach those levels we may see 23k-27k price ranges.
It's been some time since Bitcoin has just ranged. If you trace back to 2015 and 2016 price surges, Bitcoin would spend months moving sideways before making further significant price moves. It very well could spend months just ranging again however the crypto market now is clearly a different animal to what it was in 2015.
Currently trading around 15k levels with the 50 day moving average still looking strong.
big drop today - have a doji forming. Question is whether the next candle after the doji will continue down.