Selling has not been very high and the drops as well, after each drop Bitcoin moved sideways to form a . So when you look back to the past few months, this drop is much less than some big drops we made the past few months. To early to call this a sign, but it's also because of this that i expect a move up again from here. As long as we stay below the 9700 it's still on the short term. But i have been telling as well, that as long as price stays above the 8700, Bitcoin is still bullish! Below the 8700 things are change a bit, but 8000 should be a very strong as well. If this level breaks, than things become 50/50 for bear or bull market.
For more information please read a few of my previous analysis.
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Should stay above the 9200ish
Based on the price action i have been seeing since yesterday (not watched it all day) i think the move up is very limited, at least for now, maybe after a small drop things can chance.
I am not staying at home today to watch this, so i won't be updating. Unless i see something worth it, i will try to update. So good luck trading guys :)
Again, the signs are a bit confusing, TA wise i would have to say an upwards breakout is about to happen, made a small upwards triangle. Let's just 60% up and 40% down. Only for the short term, i think the 9600ish is the max for a move up
My first thought now, seeing this is: We saw profit taking at the high 9K's, probably from the whales who bought everything up from the 6K levels. And the confusing signs i saw since yesterday, was maybe profit taking as well but probably building up a short position. While i thought a bigger bear flag was still possible, seems i gave to market to much credit. I said a few days ago, that if the 8900/9000 breaks that i was quite certain the 8700 would break as well and that we will drop towards the 8000 again. Now seeing this, can't yet really making anything else from this.
Only a break of 9100 could break this drop and cool things down again. Anything below it we have to assume we will break the 8700
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