I believe Bitcoin could drop to recently lows around 2950 once more and test the previous low, which coincides with the trendline support. Also I can see a small inverse head and shoulders pattern forming in the small time-frames, I also believe that if this pattern were to valid, the target would also be near 2950-3000.
In addition, I see that cryptocurrencies are getting more attention and coverage lately, I believe this recent drop will attract new bitcoin bulls that missed out on the previous bull run and will probably cause a rally soon enough, once the situation in China regarding the exchanges/ICOs ban is out of the way.
Entry price: 2970
Take Profit: 4,700
Stop Loss: 2625
Risk-Reward: 4.46
Note: I may enter long before we get to 2970, depending on the situation of course. I will post an update if I do.
In addition, I see that cryptocurrencies are getting more attention and coverage lately, I believe this recent drop will attract new bitcoin bulls that missed out on the previous bull run and will probably cause a rally soon enough, once the situation in China regarding the exchanges/ICOs ban is out of the way.
Entry price: 2970
Take Profit: 4,700
Stop Loss: 2625
Risk-Reward: 4.46
Note: I may enter long before we get to 2970, depending on the situation of course. I will post an update if I do.
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