BTC/USD: CPR needed while we continue marching towards 24k$
Our previous Bitcoin idea was met with.. let’s say some minor "backlash" from enthusiasts who hold all of their assets in BTC without diversification and thus refusing to understand the cyclic nature of all the processes in the universe. Well, ever since that post, we:
1) Successfully identified the start point of the current bearish rally
2) Are more than 12% in profits
And from what it seems like, we are just getting started, as we leave behind the 27.0-27.5k$ level that now serves as a new resistance line, which we might revisit one more time before we make our way towards our intermediate target of 24.000$ that we currently have eyes on. The indicated level of 24k$ is an important psychological point right under the crucial 25k$ mark that serves as the stronghold for most crypto traders (yes, people love round numbers). Moreover, 24k$ also coincides with a 0.618 Fib retracement for the previous March-April bullish rally. With this in minds, we continue holding our position.
1) Successfully identified the start point of the current bearish rally
2) Are more than 12% in profits
And from what it seems like, we are just getting started, as we leave behind the 27.0-27.5k$ level that now serves as a new resistance line, which we might revisit one more time before we make our way towards our intermediate target of 24.000$ that we currently have eyes on. The indicated level of 24k$ is an important psychological point right under the crucial 25k$ mark that serves as the stronghold for most crypto traders (yes, people love round numbers). Moreover, 24k$ also coincides with a 0.618 Fib retracement for the previous March-April bullish rally. With this in minds, we continue holding our position.
