Bitcoin - Watch for another fall - $7000 range in the cards
Bitcoin has enjoyed quite the dramatic fall of late, all the way down back into the $8,000 range, the question on everybody's mind however, will Bitcoin continue to fall???
I would say that it is quite likely, although we are currently holding key moving average level, namely the weekly 55 ema, we have seen some technical damage done, particularly in Fib land, with Bitcoin below the 50% retracement and currently eyeing off the 61.8% levels at $7200
On the shorter time frame (4hr) Bitcoin appears to be performing a textbook consolidation before another fall, only time will tell, however at press time I am watching the $7000 range to as low as $6200 (70% fib retracement)
The next few days will be key to determining the near-term prospects for Bitcoin, stay tuned for more analysis as the market provides.
I would say that it is quite likely, although we are currently holding key moving average level, namely the weekly 55 ema, we have seen some technical damage done, particularly in Fib land, with Bitcoin below the 50% retracement and currently eyeing off the 61.8% levels at $7200
On the shorter time frame (4hr) Bitcoin appears to be performing a textbook consolidation before another fall, only time will tell, however at press time I am watching the $7000 range to as low as $6200 (70% fib retracement)
The next few days will be key to determining the near-term prospects for Bitcoin, stay tuned for more analysis as the market provides.
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