The altcoin market is also retracing which is natural, healthy and good.
We had some major action in the past few weeks. After a strong wave up, comes a strong wave down.
I believe this correction, for the altcoins market, can go for another 1-2 weeks, we will see how that goes.
Now back to Bitcoin:
- I mentioned EMA300 (gray) in my last article, an impulse up and also a retrace. Now that Bitcoin broke below EMA300, even though the daily candle is yet to close, we can expect the retrace scenario to start to play out.
- As main support levels I am looking for EMA200/MA200 as well as EMA100 (blue line) after that.
So the immediate support for Bitcoin ( BTCUSD ) in my view is EMA10 sitting at $5020 on BitFinex.
Bitcoin can move much lower and test multiple support levels before any action is resumed.
Whether Bitcoin bounces right away, after a few weeks or goes deep down will depend on how this retrace develops, my main target is around $4500 and we will go from there.
What's your take on what Bitcoin will do next?
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and BTC is always unpredictable and the whale do opposite what TA experts & tops are thinking,
the sharp BTC move from 4200 to 5200 shows that we are not ready to go up,
Its' market for whales and patients trader, we will touch the "cycle bottom" 1800-2500,
when the Moriarty are disappointed,the market is ready to go up,
1-volatility should be low
2-new comers should come