A Downtrend line has been drawn down diagonally from Bitcoin's price peak in late November 2021. The Downtrend line was breached on January 20 2023 and a breakout of that downtrend occurred.
Currently price appears to be correction the run that began on November 21 and ended in mid February 2023. Price is very near to testing the previous Bear Market Downtrend line. Question is will it test it and bounce, breach it and bounce, or breach it temporarily to find a low, reverse and come back raging through it into orbit?
The retest is very near the 200 daily SMA with a 62% retracement right beneath it. I will reiterate that I strongly believe that Bitcoin is due for an upward bounce within this price level. I'm surprised it retraced as much as it did today before an upward bounce occurred. Perhaps that bounce will come tomorrow based on the February 16 high down to the February 25 low taking 9 trading days & The March 1st high down to tomorrow March 10 will also be 9 trading days and a measured move in time. I guess time will tell, no pun intended.
Trade active:
Bounce/reversal occurred on March 10 as anticipated as sentiment is negative and news release like this hits:
Worst Night in History of Crypto? 6 News Items Caused Catastrophe on Market
Worst Night in History of Crypto? 6 News Items Caused Catastrophe on Market