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Bitcoin - Areas of Support - Fib Confluence

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is looking quite nice at this point, although further downside is always a possibility, the market is showing signs that the selloff may be easing.

Bitcoin is currently sitting at both the 61.8% and the 50% retracement off major pivot levels, as well as a bullish divergence on the 4 hour

Daily: 61.8%

Daily: 50%

4 Hour Bullish Divergence:

These are all good signs, I would consider this a good long entry point, be aware that further downside is still possible, failure to get a reversal going at these levels could signal a move lower to potentially the $34,000 - $38,000 USD, at which point, all other things being equal would represent A GREAT ENTRY POINT.



-TradingEdge

P.S. Bitcoin appears to be following the move lower I forecast several weeks ago, I recommend you give it read.

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