As stated in my update yesterday Bitcoin had room for downward movement which is what happened today it dropped to 7300 USD price range however the trends have impulses on when going on a bull run which I like using in my analysis (can be seen in my previous charts) so when having a downward pattern, a retracement, it should have impulses which is what I have shown in the chart above, named 'Retracement 1', 'Retracement 2' and 'Retracement 3'. So Bitcoin has broken out of the 'Retracement 1' and dropped down as soon as it hit 'Retracement 2' so it acts as a resistance which is what we saw getting closer to 7600 USD. So the next move should be downward movement to 7100-7200 USD price range where it should hit 'Retracement 1' and rise to test to break the 'Retracement 2' impulse after which we should be moving to test 'Retracement 3' where we should drop and hit 'Retracement 2' where it should act as a support and we should breakout of 'Retracement 3' and be out of correction... My predictions have been coming out about right lately, so I hope this one comes right too..
We cam close to breaking Retracement 3, and we dropped and hit Retracement 2 and look at how it bounced back really quickly, so we have nothing to worry about this was a small retracement to 7300 USD price range due to the high resistance at Retracement 3 and we should now be looking forward to breaking and it is time to buy more Bitcoins.
farhadjafarov7
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Got out of Retracement 2 really quickly so I would expect to test retracement 3 and drop back to 7390 USD and then break Retracement 3. However when we see price approaching Retracement 3, we better wait because if we break this last retracement wave, Retracement 3, I would strongly be bullish on my trades. Hope this information helps you! Like and Follow please! Good Luck, Traders!