Bitcoin - A bounce is coming

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

On the daily chart Bitcoin             has been crashing through the recently established downtrend channel and is now moving within an even sharper downtrend channel (both in red)! None of the support zones has held so far.

The only remaining hope for the bulls is that Bitcoin             can climb back into the old green uptrend channel . To make this improvement happen prices have to regain the 6,900 – 7,000 USD level. If this is not possible expect a waterfall continuation towards 4,500 – 5,000 USD. At 4,550 USD sits the 1.382% fibonacci projection from wave A and B down which is also working like a magnet.

But should Bitcoin             indeed start a bounce due to the extremely oversold situation expect massive resistance around 7,800 – 8,000 and around 9,400 USD. A “dead cat” bounce could reach both targets but should finally bring the continuation of the downtrend. So if you are overexposed this would be a good opportunity to reduce your holdings to an amount that lets you sleep well and that makes hodling easier…
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