AlphaTradeZone
Long

BTC Fell to support at $6200. Good long opportunity!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BITFINEX:BTCUSD

We are doing a bit larger timeframe chart this time.

This is a representation of our old chart on Bitcoin as you will notice is trading into a descending triangle .

Today some fud was released about Tether being disfunctional that caused a pure manipulative drop down to the support at $6200.

It is the weekly support levels and we anticipate it will hold.

Our team finds this as a good long opportunity since that level coincides with the 0.786 fib retracement level and also is a pivot support.

According to our chart there is still one expected bounce before we can go to lower levels safely.

Right now the market sentiment is predominantly bearish with shorts at ATH , which also gives us a bit more room to go up, again due to manipulation.

Safest place to open new short positions would be at those areas marked on the chart.

We have provided more specific targets to our premium members, but all in all our analysis from previous dates remains intact as we don't think this manipulative spike would cause the overall market direction to change course.
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