Bitcoin is nicely below the support at this point and it needs to be accepted that price would have to make a significant effort with a lot of bulls to break above the horizontal support zone once again (As well as long term side-wards resistance)
Price has 2 possibilities. It'll either come back up from current levels and retest the side-wards resistance/horizontal support zone then we see from there. Or, price breaks down again, using the fibonacci 61.8 retracement resistance to create a minor 3 wave move to the downside which would end at exactly 6210 as a measure move of the 3 wave minor correction.
Bear in mind, it's neutral now. Why take a position at this point??
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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Price doing a perfect retest on the resistance levels!
Could be a positive sign for upward movement in price!:-)
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